What You Need to Know About Liability
Liability insurance is one of the types of general insurance. It protects you against liabilities, lawsuits, and similar claims. For instance, if you’re sued for a car accident, you can claim that your liability insurance will cover the damages. You can also use it for professional liability and uninsured/underinsured motorist coverage.
A commercial general liability insurance policy is a broad type of policy that provides liability insurance for general business risks. This type of insurance covers damages and losses resulting from incidents involving a business’s products, services, or operations.
Professional liability insurance (PLI) helps protect professionals from claims resulting from errors or omissions. In the US, it is also known as errors and omissions insurance. If you practice a professional service, professional liability insurance may be right for you.
It’s vital to carry liability insurance in case you are involved in a car accident. If the other driver has no insurance or is underinsured, you may be able to file a claim against them. The process is simple. Contact your insurance company and inform them of the incident. They will investigate the situation, get medical records and other evidence, and try to quantify your damages. This can take anywhere from a few weeks to six months, depending on the severity of your injuries.
Property damage liability insurance can protect your finances when you have an accident with another driver, like when you have to work with South End Boston, MA personal injury attorneys. This type of policy pays for damages incurred to the other driver’s property up to the policy limits. This can be helpful in situations where the costs of repairing a car exceed the value of the vehicle. In these cases, the other driver’s property damage liability insurance can provide funds for the purchase of a new vehicle.
Whether or not your liability insurance policy covers medical payments depends on your policy’s limits. Most policies will cover up to $5,000 per claim, but some will cover much more. Depending on your policy, you may be able to obtain higher limits by paying a premium. For example, if you’re an accountant, you can increase the limit of Medical Payments to $15,000, which will protect you from a potentially costly lawsuit.
If you own a business, premises liability insurance is a necessity. It covers the costs of an injury caused by your business’s negligence, and it protects you from a lawsuit from a customer or visitor. Many small businesses do not own their own premises, but they may rent office space or work from home. Premises liability insurance will cover you in case someone slips and falls on your property.