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What is Liability Insurance?

It is an insurance policy that protects business owners from losses due to unforeseen events that may occur during normal business operation such as property damage or injuries. There are many types of insurance for businesses that protect them according to their industry, size, and revenue. Some of these types include general liability insurance, errors and omissions insurance or directors & officers insurance.

What's Covered by Personal Liability on Home Insurance?

Here is a list of things that are usually included under the liability coverage in a homeowner, condo insurance or renter policy:

Personal Injury..

Defense Costs - The insurance company will assign a lawyer to defend you and pay these costs.

No-Fault Medical Payments to Others - an easy way to settle an injury claim without a lawsuit.

Situations where you are being held responsible for property damage to others.

Voluntary Property Damage Payments are when you cause damage to another person's property and may avoid a lawsuit by using this part of the coverage. An excellent example is if your tree falls on the neighbors' fence during a storm causing damage, or if your kids throw their ball at a neighbors window and break it.

Damages caused by your residence employees if acting on your behalf as part of their duties.

Damages caused to others by members of your household, like your kids.

Damages caused to others by your pets, like dog bites or destruction of property.

Liability arising out of the operation of golf carts (subject to policy definition. limits and wording).

Who needs Liability Insurance?

Regardless of your business type, owning Liability Coverage is critical for the long term survival of any business and may cover the financial costs associated with unforeseen events such as a lawsuit or litigation.
Getting insurance should be seen as a normal aspect of running a business responsibly. It protects your personal assets depending on your type of incorporation, it protects your life’s work, it protects your employee’s livelihood and it protects your clients as well.