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Almost every business needs specific insurance to meet legal requirements and cover accidental breaches of the law. Depending on your profession or business size, you might need coverage for your workers, business traveling or the professional services you offer. But understand that your insurance company likely won’t tolerate deliberate acts against the law.
Statutory liability is a business’s responsibility for acts, omissions or damage related to a law. This liability often describes responsibility for workplace health and safety, vehicle, environmental or employment laws.
Statutory liability insurance is any type of insurance that covers liability if your business breaks a law, such as occupational health and safety regulations. This term doesn’t refer to one specific type of coverage. Instead, it can involve a mixture of insurance that covers different laws applied to your business.
You can shelter your business from a variety of laws it’s responsible for, including:
Certain details and exclusions to your coverage might influence your insurance choices. Those details include:
A business can protect itself against statutory liability by developing a risk management plan, a step that can lower insurance premiums too. When lowering your business’s risks, you can:
Hillside Nature Retreat’s former employee sues the business for failing to provide health insurance benefits that the employee could afford. Although the lawsuit had no grounds, Hillside still paid $30,000 to defend itself in court. However, employee benefits liability insurance covered the claim after Hillside Nature Retreat paid its $2,500 deductible.
Every business faces legal requirements, and failing to meet them could mean hefty penalties or expensive lawsuits by those affected. Consider which business insurance provider offers the best coverage for your company’s statutory liability.
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