TPL insurance
Third-party liability insurance policy (TPL) protects a company and its employees against the financial consequences of the events that they cause to third parties: events associated with the introduction of a new product, services provided to third parties (for example transport of goods, repairs). There are also TPL insurance policies for managers of the company. They protect them against the costs of wrong decisions. - when such decisions mean loss to the company's owners, shareholders or customers, it is covered by the policy.
- TPL insurance policy may refer to the whole company as well as separate of employees, for example managers
- TPL protects against financial consequences of claims from customers
TPL insurance policy is a standard insurance product, offered by most companies providing services for businesses. The contract is usually settled for one year. To settle such an agreement, we must first decide on what type of risk our company is exposed to and choose the scope of protection. We can insure every manager against the effects of their performance (a board member, a proxy, a director - the so-called D & O insurance policy) and against damage done to other companies as a result of our services or our products.
Mostly the insurance company gives us the possibility to pay premiums in installments. The insurer gives also the ability to withdraw from the contract, if we provide the adequate document. We can extend the insurance contract for additional risk - when a company develops its activities in new areas and new markets.
How to protect ourselves against theft?
Property theft is an event against which any company can protect itself, through e.g. the use of monitoring systems, security guards or an alarm system. Yet, it happens that thieves manage to break all the security, rob the company and thus expose its owner to significant costs. Insurance protects us against consequences of such events. It is worth having insurance even if we believe that we have an adequate security system in our company.
How to protect against the elements?
Insurance policies protecting against the effects of fire and other accidents are the most popular products chosen by companies. This type of product protects the assets of our company against the disasters we cannot control such as fire, flood, heavy rain and fierce wind. The policy also protects your property against lightning. This includes electrical and electronic equipmentWhat is a cargo insurance?
An insurance protecting property in transport is called CARGO. It is used by all the companies whose business is in any way related to transport of goods. The policy protects us against the destruction or theft of goods in transport. We are entitled to a compensation when we transport goods both with our own and rented means of transport.
In case of a damage, the damaged party should notify the insurance company as soon as possible. The company will almost immediately require the latest financial statements and further clarifications. Compensation will be paid depending on the damage suffered by a third party as a result of our manager’s actions or malfunction of our products or services.
Who notifies the insurer?
In the case of TPL insurance it is the damaged party that should notify the insurer.
Explain all the circumstances
On request, the insurer should be provided with all the necessary explanations.
Compensation paid to our bank account
The compensation will be paid to our company's bank account within the period of time stated in the contract.