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Understanding your Risk Landscape

Third Party Liability and Worker’s Compensation - For Small to Medium Enterprises (SME’s) and Start-ups

Find out how Third Party Liability Insurance and Workers Compensation Insurance can protect your business for growth.

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By Noela Kenna , 

AVP, Consumer and Commercial Leader

01/09/2022 · 3-minute read

Third-Party Liability Insurance

Third-Party Liability insurance is a type of insurance for businesses of all sizes across a variety of industries.  It covers you if a client or member of the public claims they have been injured, or their property damaged, because of your business activities.  This type of insurance is designed to protect business owners against claims that result in legal proceedings.  

What are my biggest risks?

Without Third Party Liability insurance, your company may be directly responsible for paying compensation to the injured person in question.  Even the most successful business is likely to feel the financial repercussions of such a claim, which may have a huge effect on your profitability or viability as a company.

By not having Third Party Liability insurance, companies are:

  1. Compromising the safety and security of their customers
  2. Potentially causing a devastating effect on the company’s finances
  3. Being involved in a Third Party Liability claim is time consuming and emotionally draining
  4. Restricting business opportunities

What actions should I take?

Speak to an Marsh expert about how to protect your business.

Contact us

Workers Compensation Insurance

Workers Compensation insurance is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment. When a workplace accident causes an injury to an employee, a Workers Compensation policy provides coverage for medical expenses and lost wages.  Workers Compensation cover is essential to protecting yourself and your business for damages payable to employees, where your business has been found liable.

What are my biggest risks?

If an employee was injured on the job, you as the employer would be financially responsible for damages and medical expenses and would have further financial and business risk from the employee missing work.

What actions should I take?

Employees are the most valuable asset of any size business but are particularly important to small businesses. The most important thing you can do, as a small business owner is to protect your employees and your business from risk. Therefore providing a safe working environment and having Workers Compensation cover is crucial.

Marsh only acts as an intermediary in concluding insurance contract and therefore is not the capacity provider/ insurance carrier.

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