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Liability insurance is a type of insurance policy that provides coverage for policyholders in the event that they cause harm to another individual or damage to another person's property. It helps protect against financial losses that may result from claims or lawsuits brought against the policyholder for such incidents. The coverage provided by liability insurance may include payment for legal defense costs, damages awarded to the plaintiff, and other related expenses. This insurance can be purchased as part of a general insurance policy or as a standalone policy, and it is commonly required by law for certain types of businesses, such as professional practices, or as a condition of operating a vehicle or owning property.
There are several types of liability insurance, including:
General Liability Insurance: This covers a broad range of risks, including third-party bodily injury and property damage, product liability, and advertising injury.
Auto Liability Insurance: This type of insurance provides coverage for damages or injuries that policyholders may cause while operating a vehicle.
Professional Liability Insurance (also known as Errors and Omissions Insurance): This type of insurance provides coverage for claims arising from mistakes or omissions made by professionals, such as doctors, lawyers, and accountants, in the course of their work.
Employers Liability Insurance: This type of insurance provides coverage for employers in the event that an employee is injured or becomes ill as a result of their work.
It's important to note that liability insurance typically does not cover intentional acts or damages caused by the policyholder. The coverage amount and specific provisions of a liability insurance policy vary, so it's important for individuals and businesses to carefully review their policy and understand their coverage before making a claim.
There are several types of liability insurance, including:
General Liability Insurance: This covers a broad range of risks, including third-party bodily injury and property damage, product liability, and advertising injury.
Auto Liability Insurance: This type of insurance provides coverage for damages or injuries that policyholders may cause while operating a vehicle.
Professional Liability Insurance (also known as Errors and Omissions Insurance): This type of insurance provides coverage for claims arising from mistakes or omissions made by professionals, such as doctors, lawyers, and accountants, in the course of their work.
Employers Liability Insurance: This type of insurance provides coverage for employers in the event that an employee is injured or becomes ill as a result of their work.
It's important to note that liability insurance typically does not cover intentional acts or damages caused by the policyholder. The coverage amount and specific provisions of a liability insurance policy vary, so it's important for individuals and businesses to carefully review their policy and understand their coverage before making a claim.
