Business Liability

Business insurance

Liability insurance provides protection to insured in various legal situations. This insurance is specifically for protection against Individual or Professional mishaps. Situations where insured are called to the courts of law due to acts they themselves, their family members or their employees could have done negligently or otherwise and which may have caused bodily injuries or deaths to other people or damage to property of others.

Highlights

The required defence in such circumstances is offered by the various liability insurances available with us. Our liability insurance includes the following:

  • Medical malpractice
  • Professional indemnity
  • Public liability
  • Workmen’s compensation

Product Information

Medical Malpractice

If Medical Mal Practice occurs, Medical professionals can be subject to various judicial processes. For this reason, more and more Doctors and other medical professionals are looking for insurance covers to protect their rights as individuals or as groups through Hospitals, Clinics and other medical service centers.

At Oman Insurance we offer coverage that indemnifies the Assured against all sums where the assured shall become legally liable to pay damages arising out of any bodily injury, mental injury, illness, disease or death of any patient caused by and negligent act error or omission committed by the Assured in or about the conduct of the Assured's occupation or business.

The rate chargeable is always applied on the basis of the limit of indemnity requested and the turn over of the insured, type of medical services offered and the number and type of Professionals available. There is a Deductible for each and every loss in addition to a number of other Conditions.

 

Professional Indemnity

Professionals like Engineering and other Consultants can often be exposed to legal suits due to acts of negligence in their profession. Court cases against consultants in various fields have resulted in the awarding of huge sums of monies to claimants. In view of which such professionals revert back to insurance companies for protection against legal battles.

Oman Insurance offers the Professional Indemnity Policy which indemnifies the Insured in respect of the Insured's legal liabilities for any Third Party Claim which meets the following requirements:

Any third party claim must:

  1. 1.Be for compensatory damages, such indemnity to include claimant's cost and approved defence costs and expenses,
  2. 2.Be first made against the Insured during the policy period,
  3. 3.Be for bodily injury, material damage or construction damage arising from a negligent act, error or omission committed or alleged to have been committed or omitted (as the case may be) by the Insured during the policy period.
  4. 4.Arise out of the ordinary course of the performance of professional services by the insured,
  5. 5.Relate to a negligent act, negligent error or negligent omission which was or may have been or is alleged to have been committed or omitted (as the case may be)

The rate chargeable is always applied on basis on the limit of indemnity, turn over and the type of activities in which the insured is involved and is very dependent to the nature of works, risks and exposure involved. There is a Deductible for each and every loss in number of other Conditions.

 

Public Liability

Individuals and business establishments can be subjects of third party legal liability due to acts of negligence caused by them, their families or employees. As such legal liabilities can turn into expensive court battles, it is often in their best interests to opt for insurance protection. Even products that are defective, which can cause bodily injuries or death, is often the cause of the legal liability.

We offer Public and Product Liability Insurance protection to our customers by providing indemnity to third party due to the Legal liability of the Insured resulting from negligence of the insured or his employees/family members causing:

  • Accidental bodily injury and/or death
  • Accidental damage to property (excluding property belonging to/in the custody of/under the control of the Insured, family members or employees)

In addition, we also provide:

  • Legal expenses for defending any proceedings with the Insurer's consent.

 

Workmen’s Compensation

Workers are an irreplaceable investment to any organisation. Providing protection for the employees is a matter not only of protecting the organisational asset but also of moral importance. Governments across the world enforce the issue of providing not only good working environments but also protection to the workers for the uncertainties. UAE also enforces this issue and endorses it by having specific laws to cater for and deal with workers accidental disputes.

At Oman Insurance Company, we offer workmen's Compensation Policy which will indemnify your Company against all sums for which your company will be liable under the U.A.E. Federal Law No. 8 of 1980 and subsequent amendments to pay compensation to any employee in your immediate service due to accident arising out of and in the course of his employment.

Some of the standard extensions to this insurance are:

  1. 1.Expenses for Repatriation of deceased body following work accident up to Dhs.5,000/- per person (Higher limits can be requested at additional premium)
  2. 2.Employer's Liability up to Dhs.1,000,000/- any one accident &/or in the aggregate (Higher limits can be requested at additional premium).

The rate chargeable is always applied on the Estimated Annual Wages of the employees, which is adjusted at the end of the policy period. This is very dependent to the nature of work, risk involved cover/extensions requested. There is a day Deductible and various Conditions attached to the policy



Banker’s Blanket Bond


The Banker’s Blanket Insurance comprises a number of insuring clauses which can be availed of in whole, or be tailor-made to fit every customer’s specific needs. The following are the insuring clauses:

  • INFIDELITY OF EMPLOYEE: Provides coverage for any loss due to misappropriation or embezzlement by the Insured's employee.
  • ON PREMISES: Provides coverage for loss and/or damage to the Insured's property due to various perils including fire while inside the premises where the Insured or others carry out business (this should be clearly defined when opting for this clause).
  • IN-TRANSIT: Provides coverage for loss and/or damage to the Insured's property while in-transit to and from premises along the defined geographical area.
  • FORGERY AND ALTERATION: Provides cover against a financial loss, which results from having acted in good faith upon “written instruments” or “payment instructions”, if these prove to be forged, or fraudulently altered, lost or stolen, or forged as to signature.
  • SECURITIES: Provides cover for losses arising from situations where the institution has “acted upon” (e.g. accepted as collateral) any forged or fraudulently altered securities.
  • COUNTERFEIT CURRENCY: Coverage in this respect indemnifies the institution for losses sustained as a result of its acting upon any counterfeit currency, for example the encashment of counterfeit currency handled during the normal course of business. This coverage is particularly beneficial for those institutions which handle foreign currencies.
  • OFFICE AND CONTENTS: Provides cover in respect of the cost of replacing equipment and the reconstruction of premises due to loss or damage incurred as a result of robbery, hold up or burglary. This section of coverage will not include losses due to fire, either in respect of damage to buildings or general office contents.

In addition to the above, this policy can also be extended to provide cover for losses resulting from electronic and computer crime through different insuring clauses.

Premium chargeable is based on the limit of indemnity required (which again is based on values exposed or at risk), insuring clauses opted for, territorial scope, extensions required apart from security measures, internal procedures & practices. Please check the Deductibles and conditions applicable to this policy.



Contingency Insurance


Organising seminars, conferences, concerts, sports meets or even personal events such as weddings etc can be both time consuming and expensive. Oman Insurance's Contingency Insurance is specifically designed to cover these occasions. It benefits the organizers in case the event is cancelled and losses are incurred. The company would indemnify for financial losses up to the Sum Insured, resulting from the event not having taken place, been abandoned, interrupted, postponed, curtained or rescheduled due to any of these causes:

  • Natural Perils (including weather)
  • Death of Rulers, Presidents, Crown Princes or Dignitaries
  • Non appearance of key artists / performers

The rate chargeable is applied on the basis of the limit of indemnity and is dependent on the nature of the event, arrangements, seasons, track record of the key performers. Please refer to the conditions applicable to this policy.



Credit Insurance


Exporters are constantly exposed to risks of non-payment from customers to whom they have sold and exported volumes of goods. This can be a default due to reasons such as bankruptcy, insolvency, closure or even new government regulations. However, such non-payment can cause stagnancy in the exporter’s business leading to losses.

Oman Insurance offers Credit Insurance to cover losses caused by such defaults in payment. The policy also offers additional benefits like alerting the insured about the credit-worthiness of their customers, and so on.

The covers offered include:

  • Insolvency of the debtor
  • Protracted default by the debtor - in case the debtor fails to pay the due amount even if he is not declared insolvent by the court, OIC will pay the amount (subject to the waiting period in the policy)
Key Benefits
  • Insuring the account receivables will secure your profitability without extra credit control infrastructure.
  • Ensures peace of mind, enabling you to concentrate your resources on entering/winning new markets.
  • Often, even before your existing customers experience credit difficulties, we are likely to come to know of it through its global network; so we can inform you of the potential danger.

The premium on this policy is dependable on the exposure and a careful study can be made upon contacting us.



Fidelity Guarantee


No matter how employers of different organizations place security and surveillance in their procedures and activities, mishaps due to misappropriation and embezzlement of property by employees, although rare, can occur.

Incidents of such mishaps worry a number of employers. Whilst a number of insurance policies exclude infidelity incidents by employees, the Fidelity Guarantee insurance is specifically designed to protect such misappropriation incidents by employees.

When opting for fidelity guarantee cover, employers should consider one or more of the following items:

  • Number of employees handling monies, valuable or convertibles, stock etc
  • Limits being exposed to such employees
  • Eligibility and legal status of such employee to the organization

At Oman Insurance we offer a Fidelity guarantee policy that covers any loss caused due to any act(s) of Forgery or embezzlement, larceny &/or fraudulent conversation committed by an employee in the course of their duties.

The rate chargeable is always applied on the Total Aggregate limit of indemnity in addition to per capita (additional charges per employee)

Forgery

Expression forgery means the forging or fraudulent alteration of any document or fraudulently altered document by the employee(s) whereby he obtains possession of monies or goods of the employer.



Next Steps

How to purchase?

For detailed information, please:

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