Your company needs protection against claims for personal injury and property damage by members of the public, for which you are allegedly legally liable. As Bahamian society becomes more litigious, the frequency and severity of such claims can only be expected to increase. Public liability insurance cover provides the protection that you require.
To calculate your premium, a rate is applied to the factor identified as corresponding to the particular type of risk exposure. This may be turnover, or wages, or units of risk, or value of contracts, etc.
Where the rate is on a variable factor, the premium is adjustable at the end of the policy period upon your declaration of the actual figures. This would mean that if your business had not done as well as expected, a premium refund would be due. Of course, the converse also applies.
There is generally no compulsory deductible applicable. A voluntary deductible for third party property damage might reduce your premium.
Products liability can also be included, for an additional premium.
It can be seen that commercial general insurance is a complicated matter, and is best handled by a professionally-qualified insurance broker or agent, who will also be there for you in the event of a claim. For further information, please contact one of the insurance companies listed in our Bahamas Directory.
Nothing contained in this article should be construed as altering, amending or adding to any policy of insurance, cover note or binder. For full details of the policy cover, exclusions, restrictions etc., reference should be made to the policy document itself, a specimen of which will be supplied on request. Neither the author of this article nor his employers nor principals accept any responsibility for the accuracy or otherwise of anything contained therein.