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What is Liability Insurance?
Liability insurance is a special type of insurance that provides fiscal protection to individuals, organizations and businesses that are at a threat for harming or damaging someone or their possessions. It facilitates the policyholders to reimburse or compensate legal fees, damages and any other loss. There are various types of liability insurance that are offered by several insurance companies to cover various types of liability.
Following are the important types of liability insurance:
General Liability: This type of liability protects or safeguards the companies from damages sustained by employees. It protects you from the legal lawsuit filed by the injured person. Mainly it deals with the losses occurred due to body injuries, property damages etc.
Professional liability: This type of liability safeguards the professionals such as accountants, doctors from claiming done by the clients against them. One such perfect example for professional liability is malpractice insurance.
Public liability: This type of liability defends an individual and his/her business from any type of liability claims that are filed by the third party entities. (Here the third party entities refer to the persons who are not engaged in the business excluding business associates and employees).
D&O liability: D and O refer to ¡®directors¡¯ and ¡®officers¡¯. This is a special type of liability that safeguards officers and directors against legal responsibility from their decisions or actions leading to financial loss or any personal injuries.
Liability insurance is a special type of insurance that provides fiscal protection to individuals, organizations and businesses that are at a threat for harming or damaging someone or their possessions. It facilitates the policyholders to reimburse or compensate legal fees, damages and any other loss. There are various types of liability insurance that are offered by several insurance companies to cover various types of liability.
Following are the important types of liability insurance:
General Liability: This type of liability protects or safeguards the companies from damages sustained by employees. It protects you from the legal lawsuit filed by the injured person. Mainly it deals with the losses occurred due to body injuries, property damages etc.
Professional liability: This type of liability safeguards the professionals such as accountants, doctors from claiming done by the clients against them. One such perfect example for professional liability is malpractice insurance.
Public liability: This type of liability defends an individual and his/her business from any type of liability claims that are filed by the third party entities. (Here the third party entities refer to the persons who are not engaged in the business excluding business associates and employees).
D&O liability: D and O refer to ¡®directors¡¯ and ¡®officers¡¯. This is a special type of liability that safeguards officers and directors against legal responsibility from their decisions or actions leading to financial loss or any personal injuries.