Liability Insurances

When a person or organisation is responsible for something, especially in law, that’s liability. Liability insurance can cover you for legal costs and compensation costs that you might have to pay if you are proved to be the cause of harm to another person or business. Does not mean your ability to lie about, though that could lead to liability. Insurance protects you against financial loss if your actions, your negligence or the condition of your property is found to cause a person to be injured or killed, or a person’s property to be damaged or destroyed or they suffer loss as a result of relying on your services or advice.

There are three forms of liability insurance:

• Public liability
• Professional indemnity
• Product liability

Liability products are most taken out by businesses for risks involved in their day-to-day operation, but they are also built into many property insurance policies, for example liability cover in home and contents insurance. Liability insurance covers two key financial risks. One is the legal cost of defending a claim. The second is the compensation that you may be directed to pay the injured or wronged party, plus their legal costs, if a claim against you is upheld. These usually include an excess to be paid by the policyholder in the event of a claim, and generally set a limit on the total amount payable under the policy, as well as a per-claim limit.

Different type of liability insurance policies

• Fidelity Guarantee
• Employee Compensation Insurances [earlier called Workmen Compensation Insurances)
• Public Liability Act
• Public Liability [Industrial and Non-Industrial] Insurances
• Directors & Officers Indemnity Insurances
• Commercial General Liability Insurances
• Crime Insurances
• Bankers Indemnity Insurances
• Cyber Liability Insurances
• Clinical Trials Liability Insurances