If you need a higher limit of indemnity on your liability policy (usually an amount above the standard £10m for Employers Liability or £5m for Public or Products Liability) then you may need to look at an Excess of Loss policy.
These are stand alone policies that provides an increase in the protection for your business in the event of any major incident. Your normal liability policy will cover the initial claim amount with the top up policy able to cover any additional liability over and above.
Legislation in 2017 changed the basis for the calculation relating to compensation where life-changing injuries have occurred. This has meant that claim payouts have been significantly higher, which in turn means that the chances of exceeding the standard limits of indemnity are higher.
It is now more likely that a major incident that affects just a few people can exceed the standard liability limits of indemnity.
Remember; Excess of Loss insurance provides a business with additional cover above their primary liability policy, thus providing protection from major incidents that could exceed their primary insurance. When the primary insurer may not be able to provide the limit of indemnity required, we can top-up their cover to ensure the policyholder gets the protection they need.
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