Liability Insurance Basics
Liability insurance basically means that you are covered financially in the case
that someone or something gets hurt or damaged on your property or using your business product and/or services or because of your accident. Liability insurance can pay benefits to pay for the damages caused and/or pay for the legal expenses accrued due to someone suing because of the damage or hurt caused.
Liability insurance is a type of insurance coverage that is used in all different types of insurance coverage. There will always be some type of liability insurance in business insurance. This may be liability insurance to protect the public on the business property or to protect the business from the public if they sue because of business product and/or business services issues. This would be public liability and professional liability coverage. A small business may not need liability insurance for their product or public liability insurance, but a small business may need liability insurance for their employees and the work that their employees do. Even a small business like a lawn care business may need liability insurance to cover costs if their lawn mower, for example, flips a rock up and breaks a window. Liability insurance can cover all sorts of accidents. The key is to know what type of liability insurance coverage you want in your business insurance, home insurance, and/or car insurance policies.
Many States require car insurance by law and it is usually the liability insurance coverage that the States require so that in the case of a car accident the driver whose fault the car accident was has car insurance with liability insurance that will cover the costs of the medical and/or property damage to the others involved in the car accident.
Liability insurance is mostly found in these three types of insurance: Car insurance, home insurance, and most of all in business insurance. Another type of insurance that may have liability insurance would be marine insurance. Marine insurance is a little like car insurance, but for water vehicles. There is actually much more liability insurance coverage within marine insurance than car insurance because there can be more damage done in marine accidents. There is land and docks that can be destroyed from marine accidents. There is precious cargo that could be destroyed or damaged that would require liability insurance. There are tunnels and bridges and railroads that go over bridges over water that could be damaged in a marine or water vehicle accident that liability insurance coverage would definitely be needed to cover financial losses.
One more very small example of liability insurance would be something you opt to pay for public services such as mail and freight delivery. If you have a package with valuables or fragile items or even just that you want to make sure the mail or package arrives safely, you pay a little extra liability insurance. If you compare certified mail with first class mail, you pay a little more for the certified mail so that you get a signature and a tracking number for your mail. This is a type of liability insurance on a very small-scale.
by: Chang Hildebrandt
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