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US businesses spent another USD 13 billion on the liability portion of commercial multi-peril policies, USD 9.5 billion for medical malpractice and USD 3 billion for product liability covers. The UK is the world’s second largest market for liability insurance, with USD 9.9 billion of liability premiums in 2013. The largest sub-line of ...
Product liability insurance. Pays legal fees and settlements (up to your policy limits) if you get sued for a covered product-related cause. Professional liability insurance.
The overwhelming majority of countries have strongly preferred to address product liability through legislative means. [2] In most countries, this occurred either by enacting a separate product liability act, adding product liability rules to an existing civil code, or including strict liability within a comprehensive Consumer Protection Act. [2]
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. [1] According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.
Product liability: This type of liability insurance protects a business from lawsuits in which someone claims a loss or injury caused by a product you make or sell. Why small businesses should have it
Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance. Often a commercial insured's liability insurance program consists of several layers.
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