Tuesday, 17 September 2013

Malaysia Installation Liability Insurance arranged by ACPG Management Sdn Bhd

Malaysia Installation Liability Insurance arranged by ACPG Management Sdn Bhd
 
Introduction
The Public Liability Insurance Policy is designed to protect the insured in respect of his legal liability to pay compensation for accidental bodily injury to or accidental damage the property of the other person caused by or through the negligence of the insured or his employees or by any defect in the premises owned or any defects in the way, works of the insured. In addition, the policy also pays for the litigation costs and expenses for defense that are incurred with the written consent of the company
    All firms and business enterprise have a need for this cover and it is important that the proposer selects and adequate limit to protect their interest. The sum insured or limit of indemnity should represent the maximum liability which the insured estimates that this business could possible incur. The sum insured can be arranged on :-
    Limit any one accident
    Limit any one period
    Scope of cover
    The company shall indemnify the insured against all sum which the insured shall become liable at law for damages and claimant’s costs and expenses in respect of :-
    Accidental bodily injury to any person not being a member of the insured’s household or any person in the service of the insured.
    Accidental damage to property not belonging to or in the custody or control of the insured.
    Any legal expenses incurred by the insured in defending legal proceedings with the company’s written consent.
    Minimum information required for a quotation
    Name of Insured
    Trade / Occupation
    Limit of Indemnity any one accident
    Location of risk
    Claims history
     
     



     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Public Liability Insurance Policy
    in Malaysia:
    What You Need to Know

    Public Liability Insurance protects an individual and their business in case they are found legally accountable to a third party. In general, it is a medium that guarantees set
    ...

    elements to injured parties under law.

    Normally, such policies pay for any legal expenses, penalties resulting from claims and even medical expenses if needed. It only covers third party claims and not claims made by employees, as these come under employees liability insurance.


    Should Your Business Have Public Liability Insurance?


    Public liability insurance is an umbrella under which a large variety of risks and situations are covered, and any business that deals with the general public takes it out to protect themselves against lawsuits. In today’s litigious society, people are quick to file lawsuits when suffering any loss, damage to their property, or injury due to the negligence of a business. With a greater number of cases going to court, liability insurance has become broader in what it encompasses. The need for businesses to hold public liability insurance has increased over the last few years.


    The insurance is essentially voluntary, with the exception of some public events and facilities where the licensing authority makes it mandatory. Additionally, organizations that operate voluntarily with the support of the local council are also required to carry public liability insurance.


    Most businesses and organizations are becoming increasingly aware of the potential to be sued and so consider public liability insurance an essential requirement. While it is now included in most business insurance packages like home, shop, restaurant and other insurance packages, it is also sold separately.


    Who Needs Public Liability Insurance?


    Professionals and business owners are generally the ones at the most risk of being sued, as they deal with a large client base on a regular basis. However, some professionals get greater benefit from taking out a public liability insurance policy than others. Any business, large or small, that interacts with customers at their place of business is at risk of being sued and so should make use of this protection. Also, note that the greater the number of people visiting the venue, the higher the risk.


    Considering that just a single claim has the potential to bankrupt a business or a professional, it is best to be protected.


    Amount of Coverage & Other Facts


    It is common for business owners to take public liability insurance for the amount of RM 1 million, but RM 5 million packages are becoming increasingly popular. With more people willing to take businesses to court for the smallest mistakes, public liability insurance is no longer considered optional. In fact, some sites do not even allow tradesmen or sub-contractors on location unless they carry a Public Liability Insurance Certificate of Currency.


    Within Malaysia, public liability insurance is fully portable, meaning it covers an individual from site to site, as long as one continues to work in the same trade. In case of a change of trade, it becomes necessary to inform the insurer or the policy may become void.


    Additionally, every tradesman should have their own policy as the head contractor’s policy many not be sufficient. At times, the head contractor’s insurer will make the pay-out on a claim, but then sue the sub-contractor to recover its money. Needless to say, different occupations and situations have different risks, and the insurer must take those into consideration when writing a policy or note them accordingly to ensure that full coverage is provided to the policy holder.


    Cost and Coverage of Public Liability Insurance


    Public Liability insurance premiums are determined based on a number of different factors, including


    The nature of the business or contract velue or sum insured cover amount.

    The number of employees and contractors a business has.
    At times, they even depend on the business turnover.
    The larger the physical premises of a business and the more employees there are, the higher the premiums are likely to be. The insurance rates depending on the insuring company.

    Summary

    Public liability focuses on civil wrong. The wronged person sues the owner on the basis of incidents of neglect. If the occupier or owner of an establishment is found to be responsible for the harm, damage or injury, the claimant wins and is awarded compensation.

    Public liability insurance is without a doubt the most justifiable cost for a business, as in its daily course of public interactions it is under a continuous threat of being sued. A single law suit has the potential to financially ruin a business; public liability insurance offers protection.

    Employers' Liability Insurance
    Employer's Liability Insurance Policy is designed to provide indemnity to the Insured against his liability at law and claimants' cost for bodily injuries or diseases to Insured's Employees arising out of and in the course of their employment.


    Scope of Cover

    The Employer's Liability Insurance Policy indemnifies the Insured against liability at law to pay compensation and claimant's costs and expenses in respect of the bodily injury by accident or disease to the Insured's Employees for which he is liable and will in addition to pay all costs and expenses with the Company's written consent.

    What Is Public Liability Insurance?
    Public liability is a special form of insurance which is designed to protect business owners from the financial fallout that comes when things go wrong.
    As a business owner there are dozens of different risks that you face every day. One of the biggest risks is that your business causes property damage or personal injury to a customer or member of the public.
    What does public liability cover?
    Your public liability insurance policy will cover you for the financial costs of a claim which involves personal injury or property damage to another person.
    It is important to remember that public liability does not cover personal injury to yourself or your staff, or damage to you or your staff’s property.
    The best way to understand what is public liability insurance is to look at some examples of common claims.

    Claims – Property Damage
    There are many ways in which your business activities can result in damage to someone else’s property.
    Damage which is generally covered by a public liability insurance policy includes damage which you cause directly, such as knocking over a valuable vase whilst working in someone’s house.
    There can also be damage which occurs at a later date. For example you may have installed an electrical switch in a home, then two weeks later the house could be damaged due to you installing the wiring incorrectly.

    Claims – Personal Injury
    Personal injury claims are often the most financially damaging when it comes to public liability.

    Common public liability claims for business owners can include a customer or visitor tripping and falling whilst on your business premises, where it can be shown that the fall was due to the actions (or inaction) of your business.

    How much does public liability cover?
    Public liability policies are available in a range of sizes. Here in Malaysia you can generally obtain a policy in the following sizes:
    RM 1,000,000
    RM 2,000,000
    RM 5,000,000
    RM 10,000,000
    RM 20,000,000

    Some insurers also issue policies of RM 15 million, however those listed above are the most common.
    In special circumstances it is possible to obtain a public liability insurance policy for a larger amount, however this is generally not required for most businesses unless they are doing something out of the ordinary.

    More information on public liability insurance
    If you require more information on this form of insurance or would like to obtain a public liability quote please speak with ACPG insurance professional consultant or any other suitably qualified insurance professional
    Public Liability Quotes By ACPG Managment Sdn Bhd (ACPG)
    Once you have made the decision to take out a public liability insurance policy for your business or organization, the next step is to obtain quotes.
    Obtaining quotes is an important part of the public liability process, as you need to budget for the cost of the insurance, as well as compare various quotes to ensure you are getting the best value for money.

    Do it properly
    There is no point in looking for public liability quotes if you don’t know exactly what cover you need for your business.
    You could of course just take out the cheapest public liability insurance policy you can find, but if the policy is not suitable for your business then you are just wasting your money anyway.
    So before you start l
    ooking for quotes, you first need to do you research and find out which type of public liability policy is going to suit your needs best.
    If you are unsure of which type of policy you should choose, it is recommended that you speak with an insurance broker. In most cases the broker can also obtain the quotes for you if wish.


    Obtaining quotes
    There are a few different ways in which you can obtain quotes on your public liability cover.
    Many business owners and operators obtain quotes from a qualified insurance broker.
    This is certainly a good option, as you can rely on the expertise of the broker to help you choose the right policy.
    The only downside to using a broker is that they will generally charge you an additional fee for their service, but many business owners find this fee worthwhile due to the service and advice that they receive.
    For business owners who are comfortable in researching and choosing their cover themselves, another option for obtaining quotes is to go online.
    There are various websites which provide quotes for public liability insurance.
    Some are owned by the insurance companies, whilst some are owned by independent groups.

    Going ahead
    Once you have gathered all of your public liability quotes the next step is to proceed with the cover and get your business protected.
    The good news is that however you get your quotes, the same method will be available to proceed with the insurance if you wish.
    ACPG insurance professional consultant can help you through the application and proposal process, and many of the websites offering quotes also have online application systems available.

    For more information or to obtain quotes on your public liability insurance please contact ACPG insurance professional consultant.
    Domestic Appliance Installation Public Liability
    Public Liability Insurance is an insurance policy where a tradesman can insure against any third party injury or any third party property damage that they may cause during the course of their work. Although this is not an insurance that is legally compulsory you will find that most companies are now insisting that this be in place before you can undertake any work for them, this could even result in them withholding any monies that you have earned until you show them the insurance schedule.

    A Domestic Appliance Installer obviously has to go into homes and businesses alike to deal with their property and may come in to contact with their equipment and therefore they could either accidentally cause damage to the property they are going in to do the work for example if they were to knock anything over or if they were to accidentally damage any part of the building that they weren't actually doing the work on.

    The second part of cover that you can get as a Domestic Appliance Installer is if whilst doing your job you was to injure any person around you, the most obvious way this can happen is if you leave any tools, leads or toolboxes lying around and someone was to trip over them, they would then hold you responsible for their injuries and this is where the insurance policy would step in and cover you.

    There are three levels of cover that you can usually get with this type of insurance starting at one millions ringgit worth of cover and rising to either two million or five million. Prices for working in non-hazardous areas generally will be around about reasonable and affordable insurance premium cost for the year, obviously if you were to get higher than the lowest level of cover then you would pay more for this. There are also rare occasions where you can get ten million ringgit of cover but usually that would have to be for specific job and there are only a few insurers that will cover it,

    When you consider that if something was to go wrong then you could get left paying the costs of any incident where someone may hold you liable then the prices above don't seem so steep to pay once every year compared to a claim that you could get stuck with that could run in to thousands of ringgit depending on how serious the incident is.
    An Overview to ACPG Public Liability
    Handling a business could be demanding and challenging, specifically because you are generally liable to the public. You will bear duty for anything you do or offer as part of your business.
    Apart from taking extra and precautionary steps, you must also understand what agreements and coverage policies to get.
    Having a policy to cover this type of liability makes it easier to control the damage. You should invest on getting public liability insurance.
    This policy deals with claims made by anyone who suffered from property damage or injury relating to your business.
    Obtaining an insurance policy like ACPG public liability offers numerous benefits. Keep reading to figure out its particular rewards.

    Compensation
    This public liability insurance arranges compensation for occurrences like damages, loses of profits including future income.
    This also allows you to manage settlement for cases including injury and legal violations. In certain instances, you have to compensate for more than just the legal cost.
    Rather than producing the amount out of nowhere, having reserved cash and legal help could be valuable. Do remember you only need to compensate for things once the court convicts you.
    You are at risk of public liability cases if an accident happens within your business premises or other areas where you carry out operations.
    Examples include slipping during a sales visit, hardware breakdown leading to injury, and other job-related or stress-related complications. There are also patrons or firms requiring business units to present proof of public liability before agreeing to any contract. You have to work on this and make sure you obtain an insurance policy for your business.

    Sorts of Public Liability Coverage
    Available claims depend on the insurance provider you will work. Insurance companies typically offer the following items under business public liability:
    - Trades person insurance
    - Surgery or office insurance
    - Shop insurance
    - Commercial property owner insurance
    - Property owner insurance
    - Guest house insurance
    - House business insurance
    - Dining establishment insurance

    As the products show, public liability coverage comes in numerous types relying on the market. You should ask the provider to customize the plan for your business if it’s difficult to classify.

    Product vs. Property Liability
    Aside from the variations, public liability also comes in two general forms: item and property liability. Item liability protects you from claims made by clients relating to damage or injury from your goods. Customers reserve the right to sue you for any type of loss or trouble they experience while utilizing anything you provide. A few customers may misuse this right, so you have to protect yourself accordingly.
    Property owner liability, however, gives protection against third parties going to your site. Any person or group checking out your area could cause damages. No matter if it is intentional or not, you have to ensure you have enough safety. This gives you the right to ask for compensation and other settlement alternatives. Just as you need to protect the interest of your customers, you have to do the same for your company. It is best to partner with someone expert in the field.
    Public Liability Insurance Malaysia
    Most businesses need public liability insurance to protect them from financial devastation in the event of damages or injury that occur on their property. In some cases, private individuals could benefit from this type of coverage as well.
    Business owners need protection if some kind of injury should happen to a customer or client. Any time a store is opened or a place of business is established, certain risks are established as well.
    Regardless of the most careful precautions, accidents do occur. If a customer walks into a store and trips, sustaining bodily injury, that customer could sue the store owner for damages such as the recovery of expenses incurred for medical care or the cost of pain and suffering.
    Of course, a responsible business owner will naturally feel an obligation to help anyone who has sustained an injury on their property.
    But insurance coverage that will help meet the expenses of such an accident is necessary for anyone who wishes to survive in the marketplace. Even if a lawsuit is unsuccessful, there will be expensive legal fees.
    Public liability insurance can cover the cost of those fees. There is no way to completely eliminate risk, but businesses and individuals can certainly benefit from making sure that they are covered in the event of such worse case scenarios. Maintaining this coverage is a simple and sensible solution when faced with these risks.
    The reasons for purchasing public liability insurance can vary as can the terms of the individual policy. Not only will this coverage come in handy if a customer or client is injured while visiting a place of business, but can also be of benefit to professionals who must travel to a customer's residence.
    For example, an electrician may go to the home of a client to install a light fixture. If in the course of installing the fixture, damage is done to the surrounding ceiling area and the electrician is at fault, a liability policy will cover the cost of the damage.
    When a private individual decides to teach piano lessons from their own home, there may be liabilities to consider as well. Unfortunately, if a student is injured on the instructor's property, this could open the instructor up to a costly lawsuit.
    There are also cases in which the law requires that a business carry public liability insurance, particularly if some type of sporting activity will be taking place and the risk of injury is considered to be greater. It is not uncommon for potential clients to request that a business owner provide proof that the business carries the appropriate coverage.
    The costs that are generally associated with this coverage can vary depending on a number of factors. These factors could include the level of risk involved and the claims history of the organization. Consulting with a professional agent can help an organization or individual best determine the type of coverage that will meet their specific needs.

    Claims are frequently filed against cities for accidents that occur on city property and for a number of other reasons. Cities in particular can face many unique situations that require the acquisition of public liability insurance.
    Flooding that is the result of a broken water main can do a great deal of damage to the private residences of citizens. When such an event occurs, the city would be expected to pay for the cost of repairing this damage. Harm from sewer main back ups can have similar consequences and will require coverage. Injuries to visitors or citizens in a public park or other city property will often be regarded as liabilities that the city must assume.
    Adequate coverage will handle such issues without bankrupting an entire community. Generally, an offended or injured citizen will first file a claim. Then the city will investigate the claim and make financial amends if the investigation indicates that this would be appropriate.
    Universities will often carry public liability insurance as well. This coverage will usually protect faculty and staff who are named in lawsuits by students or members of the community. Any organization that deals with the public might find themselves in danger of facing damages from an offended citizen. This is, unfortunately, a reality of functioning in today's society. Taking steps to make sure that an organization is protected in the event of such lawsuits is wise.

    Of course, not all small businesses will need public liability insurance. Business owners who do not deal with customers or clients on a face to face basis, but simply supply a need from the privacy of their own homes will generally not require this kind of coverage. Unfortunately, other types of small home businesses can be susceptible to lawsuits, but there is no need to live in fear of this. It is possible to find inexpensive coverage that will provide protection in these cases.

    In addition to standard public liability insurance, there are other types of plans that offer similar benefits. Professionals who dispense advice need a particular type of coverage. These policies are called professional indemnity insurance and will protect the policyholder from claims of damage due to poor advice or negligence. Liabilities that are incurred as a result of a faulty product can result in lawsuits as well. Protection that will cover the costs of any kind of damage can make a huge difference in the future of a company.



    ACPG MANAGEMENT SDN BHD

    We (ACPG), provided all classes of insurance services more than 23 years in Malaysia (since year 1989).

    We (ACPG) One of The Largest General Insurance (Individual & Commercial Insurance) Solution Service Provider in Malaysia.

    Any enquiry, email to enquiry@acpgconsultant.com or Call our Careline : +603-9286 3323.
    For ACPG Corporate Video posted on YouTube

    at http://youtu.be/hwWKPU003gE for Malaysia Commercial Insurance (Business Insurance) and
    at http://youtu.be/0hN64xcYgrI for Malaysia Individual Insurance (Personal Insurance).

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