When purchasing an insurance policy, part of the coverage includes liability. There are different kinds that will protect you against damages that you are responsible for. Whether you buy a car, a home or own a business, liability insurance is necessary.
If you are driving a car and have an accident, then the damages will be paid through your liability insurance. There are three components that must be purchased together. They are bodily injury per person, property damage each accident and bodily injury each accident. Within these components, each one will designate how much they will pay out.
This type protects a business from third party claims. An example might be that a business had a customer come into the store and fall. The customer has physical injuries from the accident and needs surgery. The businesses’ liability insurance will cover the expenses. Another type of business liability, for example, might be E & O liability insurance. A mortgage company hires title examiners. If they make a monetary mistake, the insurance will cover it.
There are many instances where liability insurance is necessary. Contacting a knowledgeable and well respected insurance agency will keep your business and you safe.