An Overview on What Is Liability Insurance

Written by Michael on . Posted in General Liability Insurance

We must have heard about many different kinds of insurance and liability insurance is one of them. But, what is liability insurance? Well, this is an insurance policy that protects a business and the business owner from any risk that can lead to claims. They can be sued and held lawfully responsible for injury, malpractice or negligence. Liability insurance will make sure that they are covered for any legal costs and legal payouts if found rightfully accountable. Contractual liabilities and intentional damage is not covered under these kinds of policies.

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The Purpose behind Personal Liability Insurance

Written by Michael on . Posted in General Liability Insurance

The basic purpose of personal liability insurance is to get protection by paying claims and damages in case you damage or injure other people or their property. This is very different from the life insurance. Most of us don’t realize, but if we have automobile, homeowner or renter’s insurance, we already have some liability coverage. However, the liability coverage that comes along with the other policies is very limited. Therefore, it is essential to look at the insurance and discuss with an aged if you need to buy more of the liability insurance.

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Getting Commercial Liability Insurance

Written by Michael on . Posted in General Liability Insurance

It is simple to understand commercial liability insurance. It works on a plan to make sure that your business needs are covered. The business owner gets protection for property damage and bodily injury that may occur on the premises of the business or away from it due to nay services or products of the business. Literally all kinds of businesses get covered under the insurance like food shops, retailers and contractors. Other operations that get covered are medical office professionals, retail shops, offices, personal services, food shops, apartment owners, Farm and ranch, homeowner associations and residential community as well as religious organizations.

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Extending The Commercial General Liability Insurance

Written by Michael on . Posted in General Liability Insurance

The purpose of Commercial General Liability or CGL is to protect business owners against claims of liability for any property damage, personal or body injury that occur on the premises of your business operations.  It also covers bodily injury and property damage that is caused by your products or work that occurs away from your business premises.

One also comes across the term – Excess liability insurance or Umbrella liability insurance, that takes care of losses that exceed the limits of CGL policy. Here, the insured gets liability coverage for all those risks that are not covered in the basic commercial general liability. The prime aim of this insurance is to offer protection against any kind of financial loss or damage caused by your services, products, business operations and even your workers. For example, any injury to your customer who may slip or trip at your business premise will be covered.

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New Laws Result In Higher Product Liability Claims

Written by Michael on . Posted in General Liability Insurance

All those business suppliers selling products to consumers, need to be extra sure if the products are safe. The chief responsibility of course falls on the manufacturer of a product, but the shops and wholesalers and other distributors too share the legal responsibilities. The suppliers of raw materials to the manufacturer too, shoulder the responsibility. The consequences can be serious for all if they feel to meet the responsibilities and once could face legal action. There could be heavy fines or even imprisonment. Therefore, it is essential to understand the basics of product liability.

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