What Is Liability Insurance?
We are well aware of the fact that risks are part of our lives and it can be related to a third party or us
. If you run a private practice, you come across several clients in your day-to-day life. If you have experience and the necessary skill required to render service, clients will approach you but what if you fail to perform your duty properly due to negligence or fraud? The next client walking into your office will file a lawsuit against you and you will have to face a major financial crisis in case you are not covered under liability insurance. It is of utmost importance for professionals to discharge their duties as per the standards. When experienced and skilled professional cause damage or injuries due to negligence or misrepresentation etc, their reputation will get affected and they can even lose their jobs.There are different insurance policies that are designed to protect our lives, vehicles, property, health and profession. Nothing comes cheap and all the best services that are rendered to us are of great value and at the same time a bit expensive. We choose whichever policy is needed and best suits our budget and other criteria. In certain countries, it's mandatory to buy liability insurance if the profession demands so. Just like any other insurance policies such as life insurance which is essential for everyone to buy, those who offer services need to buy liability insurance, especially those who are at a higher risk of being sued for misrepresentation, negligence, violation of good faith etc.
Once you have decided to purchase liability insurance, it's important to give all the related details to the insurance company to come up with a tailor made quote that best suits your budget as well as your professional needs. If you are too busy to walk into an insurance company, you can start collecting information about the various kinds of liability insurance policies that are available online. No obligation quotes are provided by almost all the insurance companies. By comparing the quotation from various companies, you will get a rough idea as to how much your policy for your profession is worth. All the necessary points should be clarified before buying the insurance policy.
The insurance companies provide liability insurance wherein the attorney's fee; witness fee, police report cost and compensation to the third party are covered in the policy. It's important to find out from your insurer under what will be covered and what will not be covered by liability insurance take by you for the profession, which you practice. There is a rapid increase in the number of lawsuits that are filed against professionals and businessmen. If you are employed by a reputed company, then you will be covered at the expense of the firm or else you have to purchase liability insurance with your own money.
by: Sunil Punjabi
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2024-2-20 03:37
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