Liability insurance

General liability (operational) insurance

This insurance protection provides for compensation for third parties in the event of material damage, or damage to life and health, and the consequential financial damages or other non-material damage (the right to privacy). Such a damage might occur even without any specific fault/misconduct on the part of your company, and, as a result of objective responsibility your company bears, you may be legally responsible for it. 

With regard to the fact that the number and amount of claims resulting from breaches of statutory obligations continue to grow, the liability insurance policy for damages, customized to suit the scope of a particular company's operations, its geographical coverage, and the type and amount of potential damages, becomes especially important.

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Product's liability insurance

If your company focuses on the manufacture of goods, provision of services or sales thereof, we can highly recommend you expand the general (operational) liability insurance policy to include a liability insurance for damages caused by defective products or poorly executed work.  Such an insurance policy shall provide compensation for third parties for any damage to their health, life, and property, which incurred as a result of using defective products, or services (work) carried out by the insured entity.

The company liability insurance protection concerning company products may be complemented with an insurance against the costs incurred in the event of product recall from the market.

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Product recall insurance

As the name suggests, this product is designed to cover the costs incurred as a result of a decision to recall defective products from the market, and thereby prevent other or potential damage to your company's brand.  The scope of insurance coverage may be adjusted to suit your specific needs and requirements so that the insurance covers all the relevant expenses incurred to your company, and, where necessary, to other entities in your sales chain, which are related to the product recall in question.

Professional indemnity insurance

This insurance policy covers the financial damage incurred to third parties in your provision of professional services.  The list of professions legally bound to conclude such a policy is dictated by the law. It includes, for instance, advocacy, auditing, tax advisory services, design and architectural services, doctors, pharmacists, etc. Other professions, too, may take advantage of the protection provided by the insurance policy, even though they are not legally bound to get it. For instance, accountants, ICTs, advisors/consultants, etc.

Major industrial accidents liabilty insurance

Companies are obligated to conclude and maintain this insurance policy in the event they manufacture, process, or store hazardous chemicals indicated in Act No. 59/2006 Coll., on Prevention of Major Industrial Accidents.  The insurance policy is designed to indemnify third parties for any damage to health, life, property, and also environment, occurred as a result of leakage of such substances, fire, or explosion.

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Enviromental liabilty insurance

If you carry out an activity indicated in Act No. 167/2008 Coll. on the Prevention and Remedying Environmental Damage, which are subject to a risk of environmental damage and the related remedy costs exceeding CZK 20,000,000, the Act provides you with an opportunity—in addition to negotiate and maintain a bank guarantee of a corresponding amount—to comply with the law by insuring yourself against such a risk.
An appropriate insurance policy will cover the costs to remedy an environmental damage resulting from a sudden or gradual pollution of the environment, as well as any damage to the life, health, and property of the affected third parties, costs for the potential prevention of future further contamination, and your costs for legal defence against claims for damages.
This insurance policy is also suited for companies that, given the scope and conditions of their business, are not obligated to have financial hedging under the law, but can cause harm to the environment nevertheless.  Furthermore, in addition to industrial companies, consultancy and advisory companies operating in the area of the environmental protection may also benefit from this insurance policy.

Since the law strictly requires any polluters to provide compensation for any damages, your insurance policy will protect the operation of your business. Any potential damage that might occur will thus have not negative impact on your company's economic activities.

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