Top five reasons for getting a liability insurance
A basic Insurance policy covers businesses or individuals against a risk caused due to a human error or an act of God. Often, there are situations where the risk is intensified by damage to a third party (another individual, another property or a loss of reputation to the other business). This kind of physical or non-physical damage creates innumerable costs for you, as the third party will sue you for damages resulting in claims and the consequent legal fees to defend your case. To protect yourself against these risks, you need to take a liability insurance.
Top five reasons for getting a liability insurance – No matter how careful you are, no matter how good a professional you are and no matter how good your employees and partners are, there is always a possibility that someone is files a damage claim against you for a third party risk. A liability insurance, therefore ensures peace of mind and also protects you adequately by indemnifying you.
Top five reasons for getting a liability insurance – If you are in any Profession, there may be occasions that where your professional act caused a risk to another person. If this is not deliberate, you can get a protection through a Professional Liability Insurance to cover injuries and damages caused to others.
Top five reasons for getting liability insurance – If you are a business, you need to protect yourself and your company against financial losses or winding up claims for failure of your services. The claims may be made citing personal injury, damages to an individual or other businesses may claim damage citing your fault. You need to take a general liability insurance to cover this. If you are a well to do individual or a honcho of a corporation and you need to delink your personal assets from a potential risk claim, a D & O liability insurance will cover the risk. In some cases an umbrella liability insurance can be taken which will protect you from a harm caused to other people or business.
Top five reasons for getting a liability insurance – If you are driving a car and it is involved in a collision or an accident wherein another person’s car or property is damaged or a bystander is injured; you need an Automotive Liability Insurance to cover your risk.
Top five reasons for getting a liability insurance – If you are a manufacturer and there is a risk perceived from your product you will need a product liability insurance, averting a financial loss to you. This liability insurance is also helpful in case you need to pay damages claimed by customers, clients or suppliers (citing reputation loss, a business loss, financial loss or an injury). Additionally, if there is a likelihood of a general public suing you for undelivered services or for unsatisfactory services, citing certain damages, then you need to take a public liability insurance. In a business scenario, employees sue companies for non-payment of their dues, or for not providing compensation on a work related injury or for hardship caused. An Employee Liability Insurance or a Workers Compensation Insurance will help protect the company and cover the costs.
Today many businesses and individuals are opting for one form or other liability insurance to guard against risks posed due to their acts of omission or commission. For many suppliers, liability insurance coverage is deemed mandatory to get contracts from their customers.