subject: Various Types Of Liability Insurance [print this page] Liability Insurance is one of the most common and availed insurance policies that are found in the market today. The reason for its great popularity is that it is really affordable as compared to other insurance policies. The other available insurance policies are relatively very expensive as they envisage wider area for insurance coverage. For example, a car insurance policy will provide insurance cover for your vehicle as well as the other vehicle involved in the accident, inclusive of damage to the property and medical coverage for injuries which you or other party suffered. Taking all these aspects in the aforesaid example and other policies into account, a liability insurance policy is much affordable. Liability insurance policy, however, mainly covers the damage to the other party. And the owner of the policy and his/her property are not given insurance coverage. The most significant thing about this policy is that it covers you from being accountable for the damages suffered by the other party.
There are various types of Liability insurance policies. To know about them, read on:
General Liability: This kind of liability insurance policy is very similar to a car insurance policy but provides coverage to businesses as well. The policy makes sure that a company is not affected from third party claims.
D&O Liability: D and O stands for directors and officers liability. As the term suggests, the policy provides coverage to the acts or omissions of those who hold the positions of director or officer. This helps company to hand over the responsibility of statements, actions, failures to take right measure or other kind of errors to directors or officers. The insurance covers such incidents taking place in these areas.
Employer Liability: This kind of policy is popularly termed as workers compensation. It is believed that the policy is compulsory form of insurance coverage that all business must execute. As the term suggests, the policy provides insurance coverage to employees. But the coverage is not as extensive as one might interpret. It mainly protects the employer in an event of injury, job related sicknesses or any other kind of damage on which an employee may file a lawsuit against the company/employer.
Professional Liability: This liability insurance policy, as the term suggests, provides insurance coverage to those who are recognized as professionals or experts in any field. The experts may or may not be protected by such liability policy. In case a person has been acknowledged as a professional, he /she automatically gains higher standard and thus rated to hold greater liability towards their customers/clients. Subsequently, the expert or professional would need greater coverage than what one may offer. Damages that are intentional by nature and contractual liabilities are not included in such types of insurance policies.
Considering all kinds of liability insurance policies, we can simply the definition of liability insurance as following:
Liability insurance is a policy that protects a business or individual from a risk where they are highly vulnerable to lawsuits for their malpractice, injury or ignorance. The policy includes all kinds of costs including legal costs as well as legal payouts for which the policy holder has been held responsible.
Moreover, the liability insurance can be simply understood as an insurance that provides assistance to an individual or business in events of legal sues filed by another party.
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