For many organisations, their key business risk is the potential to impact third parties, either by the use of the products they manufacture or via interaction with people who are not employees. This risk is most commonly enforced via the Common Law system and the concept of Duty of Care. Insurance protection is available via Public and Product Liability Policies.
The potential liability associated with an organisation’s activities is often poorly understood. As a result it is possible that inadequate insurance protection is put in place, which has the potential to challenge the financial solvency of a company if an incident were to occur.
Often the perception of liability risk associated with a particular industry may unfairly categorise a particular client who has an exposure level that is much less than the wider industry and/or has excellent controls in place to manage these risks. These clients may be forced to pay significantly higher premiums and in a hard market may find it difficult to place insurance at all.
RiskTech provides a range of consulting services relating to public and product liability issues. This may extend to the assessment of the potential risk and assistance with controlling the risk, or it may include the preparation of underwriting information for presentation to the insurance market.
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