Liability Insurance
Mitigating the unexpected.
Many businesses regard this insurance class as indispensable. The financial protection accorded shields businesses from bankruptcy and stagnation in the face of litigation charges tied to your works, products, and contracts … which almost always arise unexpectedly.
JR Global’s management has decades of cumulative mileage in the security industry, where managing public liability is an industry-wide necessity.
We think you could benefit from our help too.
Why does my business or practice require a liability insurance?
A general Liability Insurance Cover is a priority if you’re doing business with members of the public.
This insurance typically covers accidental injuries and damage of third-party property during business operations. It would also normally include legal fees and expenses resulting from any third-party claims.
A solid business insurance plan is required for both large and small companies to ensure you can still meet your financial obligations despite litigation and probable suspensions.
Statistics
- A US-based insurer estimates that 40% of small businesses will experience a property/general liability claim in the next decade.
- An online article cites that the highest recorded medical professional indemnity claim in Malaysia was RM5-6 million.
The claim ratio (”loss ratio”) of Malaysia’s liability insurance sector grew from 37.5 percent in 2017 to 44.4 percent in 2018.
Case Study
In 1997, Owens Corning acquired Fibreboard Corporation, which made a variety of asbestos-containing insulation and construction products. The acquisition made Owens Corning liable for injuries caused by Fibreboard’s hazardous asbestos products. By 2000, it had settled with 440,000 people who claimed Owens Corning’s products caused cancer and death, including the first 176,000 asbestos claims which costed $1.2 billion. Owens Corning would later announce that it could not afford the debt and filed for Chapter 11 bankruptcy in October that year.
