Liability Insurance
Liability insurance offers protection against third-party insurance claims, serving as an essential component of corporate risk management services. Products span business liability insurance, general liability, professional liability, and employee benefits insurance management support. In a claim, payment is issued to a third party suffering loss or property damage. Coverages handle legal costs, damages, and statutory requirements like the Public Liability Act and Workmen Compensation Act, while complementing commercial property insurance policy structures.
Why is Liability Insurance Required?
This type of an insurance policy is generally procured by companies or individuals who may be held liable, legally for injuries or other issues. While a commercial property insurance policy protects physical assets, liability insurance covers legal liabilities for hospitals, doctors, or business owners. An example would be, if a product manufacturer sells products that have been faulty or causes damage to other’s products, then he/she may be sued for the damages caused. Procuring a liability insurance will cover the manufacturer from ensuing legal costs.
