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What is Liability Insurance?

Liability insurance is a general insurance product which provides the protection against claims resulting from injury or damage to a third party due to the Insured’s business operations. This insurance covers you against the liability of paying a third party for causing bodily injury, property damage, financial harm, and other losses.

ICICI Business insurance

Types of Liability Insurance coverages in India

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Professional Indemnity Insurance for Medical Practitioners

Professional Indemnity insurance for doctors from ICICI Lombard General insurance is designed to help you legally and financially if you ever make a professional mistake with your patients. It also helps to protect you against
claims that are not your fault and will cover the below mentioned expenses /allegations. Cover Your Legal
fees and court awarded damages or settlement compensation to be paid against claims arising out of
Medical malpractice allegations / legal suits (Errors & Omissions in practice), Breach of confidentiality
allegations, Loss of third party documents (cost of reinstatement of documents). Read less Read more..

Recommended for: medical graduate working as a resident doctor, practising medical professional, specialist in a specialised field, whether working with a Hospital or having own practice.

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Professional Indemnity Insurance for Chartered Accountants

PI for Chartered Accountants is an insurance policy that indemnifies you against your legal liability to pay compensation including defence costs, fees and expenses anywhere in India in accordance with indian laws. The insurance covers the
claims arising out of losses and/or damages due to any breach of professional duty by reason of any
negligent act, error or omission committed or alleged while rendering your services as a chartered
accountant and during the period of insurance. Read less Read more..

Recommended for: CA firms and individuals who provide professional services like chartered accountants, financial accountants, management consultants, lawyers, advocates. solicitors, counsels.

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Directors & Officers Insurance

Directors and Officers (D&O) insurance is liability insurance that covers or protects Directors, Officers, and Employees of the company from claims which may arise from decisions and actions taken while serving their duty.

Recommended for: Any privately or publicly held company with corporate board or advisory committee should take D&O policy to protect their Directors, officers and employees.

Why is Liability Insurance bought?

Liability is bought for various reasons; the foremost being risk mitigation against third-party claims. Also, this insurance enables you to increase the risk appetite by having a protection that can help you venture into unknown new markets across the globe, simply to fulfill a contractual obligations, or to get a director on board.

Types of Liability Insurance

Other Types of Liability Insurance in India

Any business can fall prey to complex litigious situations arising due to third-party liabilities. Based on their requirement to mitigate the risk, insurance companies in India have various types of liability insurance policies in the market. The most common liability insurance policies are:

1

Public Liability Insurance

Public Liability insurance covers legal liability towards damages to a third party who has suffered bodily injury or property damages on your premises. There are three types of Public Liability policies available in India; Public Liability Act (1991) policy – mandatory by law for companies handling hazards materials, Public liability Industrial policy – bought by manufacturing companies & Public Liability Non Industrial policy - bought by non-manufacturing companies.

2

Product Liability Insurance

Product Liability insurance covers the legal liability towards damages to a third party who has suffered bodily injury or property damages due to the usage of your product

3

Clinical Trial

Clinical Trials are a set of tests in medical research and drug development that generate safety and efficacy data for health intervention in human being. This plan offers protection for the insured against any damages and /compensation/expenses w.r.t. claims by Research Subjects for Injury/death.

4

Kidnap & Ransom

When operating in a risky territories business often buy Kidnap and ransom cover for it’s employees and their families. It pays for expenses incurred by the Insured in mitigating the crisis situation arising from Kidnapping; Extortion; Detention; Hijacking while they are on a business trip.

5

POSI

Public offering of securities insurance (POSI) protects the Issuer and all other relevant stakeholders of the Securities issues against legal liabilities arising out of the representations and warranties , public disclosures made in the prospectus , the coverage is for Legal costs , Fine and penalties and compensations awarded by a competent authority.

6

Clinical Trial

Clinical Trials are a set of tests in medical research and drug development that generate safety and efficacy data for health intervention in human being. This plan offers protection for the insured against any damages and /compensation/expenses w.r.t. claims by Research Subjects for Injury/death.

7

Employee Dishonesty Insurance

It is an insurance policy that protects a business from direct financial losses resulting from criminal acts such as theft, embezzlement, forgery, or fraud done by an employee alone or in collision by a third-party. It can cover direct losses, legal fees and investigation costs.

8

Mergers and acquisition (M&A)

Mergers and acquisition (M&A) insurance provides financial protection to corporates during M&A transactions. It covers risks associated with the transaction, such as legal claims, disputes, and unknown liabilities. It can also facilitate deals by providing comfort to buyers and sellers, reducing the need for escrow accounts and enhancing post-merger integration.

9

Group cyber insurance

Group cyber insurance is an insurance policy that provides coverage to a group of individuals against losses resulting from cyber-attacks/breaches, Electronic Theft of funds, additionally it covers costs associated with data breaches, cyber extortion and other cyber-incidents.

10

Corporate Cyber Insurance

A corporate cyber insurance policy covers your losses and business liability arising out of a cyber-security breach. The policy offers complete insurance protection to your business against cyber or digital risks that can result in a financial loss to the insured and reputational loss to a third party because of a breach in the insured’s systems.

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Comprehensive General Liability Insurance

The basic structure of the Comprehensive General Liability Insurance policy is as follows:
General Liability cover – within named premises and outside named premises (provision of location independent cover)
Product liability + Completed operations – Not only can your products be covered but also it covers completed operations such as commissioned machinery, designed interiors, after the same have been completed and handed over to your clients.

What does Liability insurance cover?

Liability insurance usually covers the legal costs, award, the damages and other ancillary related costs for claims arising from :

  • Bodily injury
  • Property damage
  • Financial loss
ICICI Business insurance

Liability insurance articles

Understanding the Basics: Exploring Professional Liability Insurance Coverage

Professional Liability Insurance (PLI) or Professional Indemnity Insurance (PII) provides peace of mind for professionals in diverse fields, such as medicine, engineering, and architecture, against unforeseen complications related to their profession.

12 Dec, 2025
Top 10 Benefits of Liability Insurance Coverage for Small Businesses

A crucial part of risk management for small businesses is liability insurance protection. It protects against financial losses arising from legal claims, lawsuits or other obligations. The fine print and the value of liability insurance can help your small business grow. By purchasing a good liability insurance policy, you're prepared for the unexpected and you build your business's future - and a trustworthy image with customers and partners.

06 Aug, 2024
Step-by-Step Guide to Filing a Professional Liability Insurance Claim

Professional liability insurance is a type of insurance that covers experts, entrepreneurs, and consultants. It compensates the insured if a customer/client files a lawsuit due to an actual or claimed error or wrong advice. This insurance covers the insured's professional liability and compensates him/her against legal action. Thus, everyone who delivers a fee-based service to clients should avail of this insurance. It is also known as "errors and omissions insurance" and covers legal bills, settlements, and judgments up to the Limit of Indemnity (i.e., sum insured).

20 Aug, 2024

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