Public Liability: Who Is To Blame? Public liability goes a lot further than simply slapping up a standard indemnity sign at the entrance to a shopping mall, says Ashley Bauer of Hemisphere EPC, a fire safety consultancy. “The key lies in the Occupational Health and Safety Act,” he says. “The basic requirement is to ensure that a person – like the CEO or the MD – who is referred to in the act as the 16.1, is responsible to ensure that the requirements of the act are complied with. “Essentially that person must ensure that the health and safety of all employees, and any other persons in the workplace, are assured through a safety management programme that identifies, mitigates and manages...
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Courtesy of Showtime Lounge It will be quick and easy, they said. When the Bowser administration rolled out its plan for expanded outdoor dining to help more restaurants and bars participate in Phase One of reopening, it sounded simple enough. Businesses looking to add a few tables to their existing sidewalk café area had to complete an online registration form. If they sought to add a table or two in front of an adjacent business, they had to obtain permission from the building owner. But there’s more to it. “The Office of Risk Management is requiring exorbitantly steep insurance coverage that goes well beyond what has always previously been needed to insure a patio or a whole bar,” says...
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Worldwide Cyber (Liability) Insurance Market report gives an in-depth review of the dynamics of the industries, which impacts on the rise of companies. The observe contains a mixture of varied segments inclusive of drivers, restraints, and possibilities. Special scenarios are examined on this document at the side of the top driving elements which offers the approaches for enterprise growth. The effective strategies are implemented via the various pinnacle-degree key gamers to shape the businesses. A comprehensive and elaborate primary analysis report highlights numerous facts like development factors, business improvement policies, analytical growth, economic profit or loss to assist...
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ICICI Bank said that the sale of stakes in the two insurance subsidiaries by the banking group is for further consolidating its balance sheet as opportunities arise ICICI Bank complex in Mumbai. (Credit: Sumedh/Wikipedia.org) India-based ICICI Bank has divested a stake of 1.5% in ICICI Prudential Life Insurance and a stake of 3.96% in ICICI Lombard General Insurance to raise an amount of about INR31bn ($410m). The sale of stakes in the two insurance subsidiaries by the banking group is for further consolidating its balance sheet as opportunities arise as announced during the release of its quarterly results in late May. ICICI Bank sold 21,500,000 equity shares, priced at INR10 ($0.13) each...
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The COVID-19 pandemic has created a growing demand for drivers to deliver groceries, medications and restaurant meals. Making deliveries means spending more time on the road, which increases your risk of an accident and your insurer’s risk of paying a claim. Insurance for a personal automobile used for deliveries differs from covering a car for personal use. You must meet state and employer requirements while navigating through policy exclusions that could nullify your coverage when you need to file a claim. Do delivery drivers need commercial car insurance or does a personal auto policy provide adequate coverage? Find out below. Compare Affordable Car Insurance Rates Save money on auto...
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Social Media: #NewestBusinessLiabilityRisk The stories of social media fails are legendary—companies using inappropriate humor regarding serious social issues, typographical errors, or pop references that backfire. These examples represent reputational issues that can affect your company’s brand and its sales. The mistakes in social media marketing that make the headlines can obscure other forms of risks presented by social media, namely privacy violations, security breaches, unauthorized use of intellectual property and employment-based claims, among others.¹ Liability Risks of Social Media The risks that social media introduce to your business are generally not new risks...
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The D&B (Design and Build) Liability Insurance market analytical research added to Market Study Report, LLC, is an exhaustive study of the current trends driving this vertical across assorted geographies. Significant details pertaining to the market share, market size, application, statistics, and revenue are summed up in the research study. Also, this study undertakes a thorough competitive analysis of the business outlook, particularly emphasizing growth strategies espoused by market majors. Globally acclaimed to be one of the most lucrative business verticals of today, the overall D&B (Design and Build) Liability Insurance market is forecast to procure commendable returns by the...
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Currently, there are around 5.7 million small and medium-sized businesses in the UK. Unlike large firms, SMEs are unlikely to have the resources to recover from damaging weather or unforeseen events. Despite this, underinsurance is common for SME owners. Research by AXA showed that over half of new businesses are operating without insurance. Seventy-five per cent of these businesses weren’t insured because they thought they were too small to be at risk, while the other 25 per cent hadn’t even thought about it. While setting up a business comes with risks, it is important that you are protected against potential dangers. Here, we take a look at five key reasons to insure your business and...
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Structuring contingent liability insurance By: Kobus Engelbrecht, Marketing Head of Sanlam Business Market Few entrepreneurs are lucky enough to grow their business into a large enterprise without external funding or incurring some kind of debt. Many business owners therefore have to sign surety on behalf of their businesses at some point. While this reality is something business owners have to live with, it is risky to sign surety without contingent liability insurance. At worst, it can place the personal estate of the business owner at the mercy of creditors, leaving little, if anything for his family to inherit. Most surety contracts actually bind the business owner as a co-principal...
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However, there are many different types of liability insurance available to businesses. Below we take a closer look at each of the protections available and offer a further understanding of the concepts that underpin liability insurance. What is liability insurance? Liability insurance definitions can vary, therfore it is worth considering the terms and features to understand what cover best meets your demands and needs. What liability insurance should we consider? How can liability insurance offer protection? What is the principle of indemnification? Indemnification is one of the core principles of liability insurance: The insured cannot profiteer and recover more than his or her actual...
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