Liability Insurance - howmanytypesofinsurance

Liability insurance aik insurance product hai jo other person ya protection against claims from injuries and damage result mein provide karti hai. liability insurance policies any legal cost and payout ko cover karti hai. if they are found legal policy to is ke liye liable hai intentional damge and contractual liability mein include nhi hoti.

Unlike other types of insurance, liability insurance policies pay third parties, and not policyholders.

KEY TAKEAWAY

• liability insurance people ya injuries and damage ke result mein claim ke against protection provide karta hai.
• Liability insurance legal cost and payout ko cover karti hai for which insured party liable paya jay ga.
• Liability insurance often automotive insurance policies, product manufacturer and har w operon jo medicine or law par amal karta hai ke liye zarori hai.
• Personal liability, workers' compensation, and commercial liability are types of liability insurance.
• Provisions not covered include Intentional damage, contractual liabilities, and criminal prosecution.

How Liability Insurance Works

For instance, most states require that vehicle owners have liability insurance under their automotive insurance policies to cover injury to other people and property in the event of accidents. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or another third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations. The decisions doctors and surgeons make while on the job also require liability insurance policies.

Liability insurance is critical for those who are liable and at fault for injuries sustained by other people or in the event that the insured party damages someone else's property. As such, liability insurance is also called third-party insurance. Liability insurance does not cover intentional or criminal acts even if the insured party is found legally responsible. Policies are taken out by anyone who owns a business, drives a car, practices medicine or law—basically anyone who can be sued for damages and/or injuries. Policies protect both the insured and third parties who may be injured as a result of the policyholder's unintentional negligence.

Types of Liability Insurance