Liability insurance

Liability is the legal obligation of a company to repair any damage accidentally caused to another company or person (third party) which has given rise to a civil claim. This responsibility means the obligation to compensate for the damages caused to the victim.

Although there is only a single concept of liability, liability insurance cannot be single or of universal coverage as there is no insurance policy that will cover all or any damage that a company or person might cause.

Modalities of liability insurance

Corporate liability

Covers the obligation to compensate for damages caused to third parties through the carrying out of the company activity.

Directors and Officers Insurance

Protects the personal wealth of directors and managers from claims made by third parties for damages caused by errors in management and the carrying out of their duties.

Professional liability

Any professional or company offering professional services runs the risk of not fulfilling the expectations of its clients. A professional liability insurance is designed to cover damages that they might be obliged to pay as a consequence of a claim for an incorrect action or omission by the insured. This includes involuntary incompliance of obligations or duties ornegligence, error, omission, inexact declarations or breach that occurs due to the professional services contracted. The cover is aimed at consultants, IT specialists, lawyers, notaries, accountants, auditors, estate agents, architects, engineers etc.

EPL- Employment Practices Liability:

Covers financial losses suffered by the company for claims in the area of labour relations concerning:

Unfair or invalid dismissals.
Harassment, mobbing, discrimination or hostile working conditions.
Invasion of privacy, revelation of personal data.
Reprisals or illicit causing of emotional anguish.
Unjustified refusal of employment, promotion or development.
Sexual harassment or sexual discrimination.

Environmental liability

All amounts that the Insured will be legally required to pay in concept of damages are covered up to the limit defined in the policy, when there are claims derived from a contamination situation produced as a result of the company’s activities.

Liability for malicious contamination of food (tampering)

Covers costs to the company due to the knowledge or suspicion that one of its products could represent a danger to human health.

Legal defense

The legal expenses of defending the interests of the Insured are guaranteed in connection with business activities. This includes the costs of extra-judicial consultations and costs that the Insured could incur as a consequence of his or her participation in administrative or legal proceedings or arbitration.

Employee dishonesty

Covers financial losses to the company insured, or to a third party due directly and exclusively to the criminal acts committed by employees with the intention of causing damage or obtaining illicit benefits for themselves or other persons. It also covers the financial losses of the insured due to electronic and informatic crimes committed by third parties with the intention of causing damages to the insured, or to obtain illicit benefits for themselves or other persons.

Social security surcharge

This insurance covers compensation due for accidents at work of employees due to an infringement of the safety measures required by the Health and Safety at Work Law.

Cyber Insurance

Helps to mitigate the impact on finances and reputation of a release or compromise of personal data, confidential information and technological infrastructures. It is a mixed product that covers damages caused by the company insured, liability for the claims of third parties and it offers management services for incidents.

Due to a violent storm part of the roof of a warehouse comes loose and damages vehicles parked below (Corporate Liability).
A baby is affected by salmonella after consuming contaminated formula milk (Product Liability and Tampering).
The judge declares an bankruptcy to be guilty and condemns the administrator (Liability of Directors and Managers).
An employee sues the insured company for discrimination on grounds of gender.
Conviction for using the Kukumusu drawings without permission (Professional liability).
Complaint from a union against a distribution company for discriminating against its members by changing their department, section or tasks (EPL Employment Practices Liability)