The need for liability covers for business is guided by:

– 1.Regulation- It is a legal requirement for any business with employees, to hold adequate Employers Liability insurance. The minimum legal level of indemnity is £5,000,000, although most insurers will provide an automatic limit of £10,000,000.

– 2.Customer or supplier requirements in relation to Public/Products Liability.

– 3.The need for both Employers and Public/Products Liability covers to comply with contract conditions.

In general, insurers set pricing for liability covers based on their perception of the type of risks posed by the specific industry/profession.

At Sorvio, we arrange liability covers for businesses ranging from self-employed individuals to multi million pound turnover companies with complex liability risks.

We are also keen to make clients aware of management risks such as directors and officers liability and employment law liability. With increasing governance and compliance imposed on all company directors, risks in these areas are increasing and need to be considered.

With liability covers, there are always emerging threats and there are increasing signs that the risks posed by cyber liability and data privacy, with losses generally attributable to three key causes- hackers and criminals, rogue employees and theft of mobile computer equipment. The insurance industry has created products to combat the risks and the purchase of cover in the UK and Europe is likely to be driven by mandatory notification laws which are in the process of being re-drafted for all EU countries.