Life and Income

Liability Insurance: Why Do You Need This?

We don’t hear about liability insurance enough. Some might not even know this type of insurance exists. This truly is a shame because liability insurance is very helpful and can benefit you a lot. Liability insurance is mostly used for businesses but that doesn’t mean you can’t get personal liability insurance.

In this guide, we’ll discuss everything there is to do with liability insurance from what liability insurance is to the 5 things this type of insurance covers.

WHAT IS LIABILITY INSURANCE?

Liability insurance refers to a type of insurance that helps protect your business from liability claims or if someone files a lawsuit. Liability insurance also helps you cover medical bills, help you if you’ve damaged another person’s property, and the like.

Although liability insurance is more centered on someone’s business, it can still help an individual out. Next up, we’ll discuss some things that liability insurance covers.

5 THINGS LIABILITY INSURANCE COVERS

General Liability Insurance

Also known as business liability insurance, this type of insurance will help protect your business from claims of bodily injury and property damage. Unless you want to pay for these out of your own pocket, you’re going to want to get this insurance. It’ll help your business profit as well.

To be specific, general liability insurance can cover claims of libel and different violations that could harm your business’ reputation, advertising injuries such as copyright infringement, medical costs in case a customer gets hurt or you cause bodily injuries, and property damage.

Professional Liability Insurance

If someone files a lawsuit against your company, you’ll be able to cover legal costs. If your business has got professional liability insurance, you’ll be able to hire lawyers in case someone sues your company. This type of insurance will help you protect your company without spending way too much.

Personal Liability Insurance

We’ve mentioned that liability insurance can greatly benefit businesses but, it’s not limited to that. Liability insurance can protect individuals if someone gets hurt while on that individual’s property.

This can also help cover costs of damage you’ve done on someone else’s property. Personal liability insurance is usually part of a homeowners or renters insurance policy.

Property Damage Liability Insurance

This type of coverage is easy to understand and straightforward. If you’ve damaged anything that needs repairs, the property damage liability insurance can help you with the costs.

Commercial Auto Insurance

And finally, we have commercial umbrella insurance. This type of insurance is beneficial to various businesses as it helps cover the costs of damages and injuries you caused because of a car accident related to your business. If your business requires you and your employees to go on the road, you should get liability insurance.

THE TAKEAWAY

If you’ve got a business, you’ll obviously want it to make money. Now, how can your business make money when almost all the money you make goes to unexpected costs like lawsuits from customers or fixing property damage?

Enter liability insurance. Contact a trustworthy insurance company, get your company insured and enjoy its benefits.

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