Liability insurance is the insurance which is applicable only
to third Party, not the insurer i.e. Liability insurance policy pays for
the third party incase of any unforeseen situation. For example. You
buy a Vehicle but unfortunately you got the accident and in the accident a third
person becomes injured or dead. In that situation there will be chances that ,
this person will fire a case against you and you will be responsible for paying
money. In this unfortunate situation Liability Insurance pays help.
So liability insurance is related to third party only and is responsible for paying
them.
There are a lot of Liability insurances available in the market. For example
Architects liability insurance, Medical liability insurance,
Business Liability Insurance.
Because of the third party insurance, this Liability insurance is less expansive
than other expensive. The motive reason is this that Other insurance becomes
responsible for full coverage including you and third party.
The liability insurance is mainly necessary for those whose
mode of job keeps others on risk. These people include Drivers, Doctors, Architects,
job employers. That’s why the liability insurance has been must in many
countries.
The basic types of liability that are most common are Public Liability, Product
Liability, and Employer liability.
Public liability is responsible for public in which the public become injured
and the person becomes liable for compensation.
Product liability insurance is responsible for loss caused by product.
Employer's liability insurance is responsible for compensation to employee in
which the employee becomes injured during the period of job.
Types of Liability insurance.
Public liability insurance Professional liability insurance
General liability insurance
Property damage liability insurance
Product liability insurance
Automobile liability insurance
Umbrella liability insurance
Personal liability insurance
Employers liability insurance
Commercial general liability insurance
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The information provided hereis best to our knowledge. We are not responsible for any unforseen error.
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