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Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability.
General liability: This type of insurance covers lawsuits involving bodily injury or property damage. Professional liability: This insurance is sometimes called "errors and omissions coverage."
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
Like other liability insurance, it covers legal fees and any resulting settlement up to your policy limits. This type of business liability insurance is also called errors and omissions (E&O ...
Professional liability insurance covers your legal expenses and damages related to issues that result from your professional negligence or mistakes. ... cyber liability insurance is a must. If ...
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