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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.
Here are some of the most common types of liability insurance: General liability: This type of insurance covers lawsuits involving bodily injury or property damage. Professional liability: This ...
Public liability insurance or general liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way. Directors and officers liability insurance (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting ...
From general liability insurance to workers' compensation insurance, there are many types of small business insurance available to help you protect your business. — Getty Images/gorodenkoff.
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
To fulfill this legal obligation, you must carry at least basic liability insurance to financially protect others should you cause an accident — this includes bodily injury liability and ...
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