Hey readers, we talked about liability, types of liability, Life insurance, property insurance, marine insurance now we are going to talk about liability insurance. Is that anyone knows about liability insurance??????
Let get started………………
Liability insurance/third-party insurance this is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Individual companies that faced a common peril formed a group and created a self-help fund out of which to Pay compensation should any member incur loss for the company. The modern system relies on dedicated carriers, that usually for-profit to offer protection against specified perils in consideration of a premium.
General Liability Insurance
General liability insurance is an insurance that provides an individual with protection against variety of claims which may include body injuries. physical damage to car, property damage etc. arising from business operations. General liability insurance covers a no. of business and the norms of insurance may vary from company as well as area to area because of policy. Many of the public and product liability risk are covered together under a general liability policy.
Advantages of Liability Insurance
A business can protect itself from liability risk by purchasing a commercial liability insurance, which offers the following benefits.
Bodily Injury Liability
This is a protection of your business if injuries are caused to the other person due to your business operation.
Property Damage Liability
It is a protection of business if damages occur to the property of others.
Personal Injury Liability
It is a safeguard you for an offense which may arises like wrongful entry, false arrest, and slander.
Advertising Injury Liability
It covers your legal liability for various offenses which may arises if your company’s marketing division violates someone’s copyright rules.
Contractual & Tenant’s Liability
It safeguards your rented business space against liabilities which may arises if you enter a lease contract.
Lawsuits, Investigations, and Settlements
If damage is filled against you, or you are sued, the insurance policy covers the investigation and attorney expenses, medical expenses in case of injury.
Financial Loss Coverage
A commercial liability insurance policy ensures that you can move forward without incurring unnecessary monetary losses. The policy not only protects you against unexpected losses but also ensures a safe future for your business.
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