4 Types of Liability Insurance That Can Protect You
Posted on: 29 June 2019
Today, people are only excited to run down to their lawyers and file a lawsuit once they feel that they have been offended by someone else. Lawsuits can be expensive, particularly when it comes to hiring a lawyer. Therefore, it is crucial to obtain liability insurance to protect yourself from losing everything that you have worked hard to achieve. The insurance protects those that have been covered against claims of people injuries and property damage. So, public liability insurance covers both legal cost and any other expenses that the insured individual could have been responsible for in case he/she is liable. Below are some of the types of liability insurance that can protect you.
Public liability
Public liability insurance is typically used to cover a person, business and contractor, among others for expenses resulting from legal action if they are liable for the death, injury or property damage that have been brought about by negligence. Today, construction contracts are including a clause that requires the contractors to carry construction insurance to cover for the claims mentioned above that could arise from work. The contractor's employer liability insurance will also cover for the employee's injuries. Public liability insurance does not cover for known criminal activities or any hazardous action.
Product liability
Product liability, also referred to as general liability, is part of public liability insurance. It is meant for professionals that manufacture, distribute or sell various products to public members. Product liability insurance is utilised to protect against personal injury or property damage claims induced by the productions that have been sold or supplied via the business. Product liability insurance ensures that business owners will not have to pay anything in case they encounter a lawsuit.
Professional indemnity liability insurance
Professional indemnity liability insurance will be of great help to you if you offer advice or provide services to clients in line with your work. The insurance protects you from bearing the cost of defense against the claims made by your client if they incur loss after following your professional advice. There specific types of professional indemnity insurance for various professionals, such as medical workers.
Employer's liability insurance
Employer's liability insurance covers legal expenses against allegations that may have been made by your employee or former employee if they get injuries or illnesses that could have resulted from the workplace. Some of the laws make it compulsory for employers to obtain insurance.
If you have been considering the purchase of liability insurance, you can try any of the above for if you want to be protected.
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