Different Types Of Liability Insurance
In addiction to health and travel insurance anyone who owns a home, automobile, boat, business, or any valuable assets, need liability insurance. The purpose of liability insurance is to protect an owner from loosing his or her assets when accidents occur that may cause injury to others. Regardless to how cautious we are, sometimes accidents are inevitable or unavoidable. The fact is, accidents happen and when they do, we need liability insurance to cover the costs for bodily harm to others or their assets.
Liability insurance is a part of the insurance system that protects the insured from potential risks of debts imposed by lawsuits or claims against them when harm is caused to another person or to their property. Liability insurance is divided into two portions, the Bodily Injury (BI) portion and the Property Damage (PD) portion. If you are responsible for an accident that caused injury or death to someone, the BD portion of your policy will pay for the expenses incurred. Generally, it pays for the hospital and medical bills, rehabilitation, funeral expenses, and other expenses accumulated, up to the limit of insurance you selected. The Property Damage portion of your policy will also cover damages to property belonging to others if you are at fault.
Professional liability
Professional liability
insurance is for specialist in professional fields (I.e. Contractors, Accountants, Engineers, etc.). It is needed to protect professionals who serve the general public from professional liability lawsuits arising out of their occupational pursuits. Professional Liability insurance helps to pay judgments and defense costs for negligence, error, or omission claims filed by the affected party.
Malpractice insurance
in most states, is required by medical professionals. Professionals such as doctors, nurses, dentists, optometrist, therapists, pharmacists, need malpractice insurance to cover costs when they are sued monetarily for malpractice. A malpractice policy can protect the insured professional for values up to millions of dollars, which depends upon the statue of the state that they live in.
Entertainment liability
insurance is a important to have for any entertainment event. No one can predict what may happen at tent-meetings, a circus, games, concerts, or other events. The weather could cause damage and injuries to the attendants, or someone could get attacked while attending an event. This is why most states have made entertainment liability a requirement for event producers. The public has a right to be insured when injuries, death, or damages occur while being entertained.
is absolutely crucial for all businesses today due to the increase in litigation that leads to large lawsuits. Liability insurance protects a company’s assets if they are faced with lawsuits. The amount of coverage needed is determined by the perception of risk and the location of the business.
