What is liability insurance ? what is the use of insuring liabilties?
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i hold a question which i am confident of getting a better reply here.....
What is a liability insurance? What is the advantages of having liability insurance?
Answers:
liability insurance is for things you can be held liable for. WHAT is covers depends on the policy...auto, home, business, etc...
the USE of carrying this is because we live in a "sue happy" world and people will sue you at the drop of head covering anymore and unless you can afford to pay out if they win or can afford to loose your home, auto etc... you need it. Source(s): Agent
www.wikipedia.com
Liability insurance, protects YOU, if someone sues you, over the covered items. It's not standard, so covered items change.
It also pays your defense costs, for those items.
The main advantage, if you're a business, is that it frees up money you'd otherwise hold to pay a lawyer, and adjectives the claimants, for costs & damages, so that you can use that capital for other things.
Also, if you're a business, most other businesses you do business with, will require you to fetch liability insurance of various types, in direct to do business with them. Source(s): agent, 21+ years
Liability insurance is designed to protect you contained by the unfortunate event that legal proceedings are brought against you by a customer, a contestant of the public following injury or damage to their property.
The main advantages liability insurance is that you can purchase a policy that will provide exceptional levels of cover for a small premium. When you consider the current climate we are currently in i.e. ‘no win no fee’ service if you own your own company or want to start one it is an essential safeguard against these potential lawsuits. Source(s): http://www.endsleigh-business.co.uk/publ…
Liability insurance is insurance you own if you cause an accident. Say you are at mistake in a car calamity, if the other party invovled in the fluke is hurt, they can recover money from your liability insurance for their injuries. I thought most states required that you have at lowest liability insurance. (They do in Oregon anyway). It is very beneficial because if you don't own liability insurance and you cause an accident where on earth someone is hurt very badly, you can one-sidedly be sued. Source(s): I work at a personal injury law firm and work with this stuff every year.
mbrcatz17 has got this! listen to the agent!
contained by case you mess up they pay up. next to out it you will pay.
like doctors pass malpractice insurance for any mistake they may make with a merciful
If you are a business owner or employer, you have a court responsibility towards your employees, customers and the public. If an employee or a appendage of the public is injured as a result of your negligence you could be held legally liable and risk being sued.
There are several types of liability insurance and adjectives of them help cover your legal responsibilities towards your organization, your customers, and the public. More specifically, they help you pay any compensation claims and legally recognized costs if you or your employees are found to be at fault. Clearly the authority of having this insurance is that your business won't go bust should you be on the wrong lapse of a big claim!
You may need some help finding out which liability insurance you inevitability, in which case run to http://www.coverzones.com where there is a 'help me choose' facility (answer the two question on the homepage and you'll see it). You then provide some simple information about your business and they do the rest.
The same site also have some great information on insuring your business liabilities (http://www.coverzones.com/learn-more/your-business-liabilities/)
I hope this helps. Source(s): http://www.coverzones.com
http://www.coverzones.com/learn-more/your-business-liabilities/
Related Questions:
i hold a question which i am confident of getting a better reply here.....
What is a liability insurance? What is the advantages of having liability insurance?
Answers:
liability insurance is for things you can be held liable for. WHAT is covers depends on the policy...auto, home, business, etc...
the USE of carrying this is because we live in a "sue happy" world and people will sue you at the drop of head covering anymore and unless you can afford to pay out if they win or can afford to loose your home, auto etc... you need it. Source(s): Agent
www.wikipedia.com
Liability insurance, protects YOU, if someone sues you, over the covered items. It's not standard, so covered items change.
It also pays your defense costs, for those items.
The main advantage, if you're a business, is that it frees up money you'd otherwise hold to pay a lawyer, and adjectives the claimants, for costs & damages, so that you can use that capital for other things.
Also, if you're a business, most other businesses you do business with, will require you to fetch liability insurance of various types, in direct to do business with them. Source(s): agent, 21+ years
Liability insurance is designed to protect you contained by the unfortunate event that legal proceedings are brought against you by a customer, a contestant of the public following injury or damage to their property.
The main advantages liability insurance is that you can purchase a policy that will provide exceptional levels of cover for a small premium. When you consider the current climate we are currently in i.e. ‘no win no fee’ service if you own your own company or want to start one it is an essential safeguard against these potential lawsuits. Source(s): http://www.endsleigh-business.co.uk/publ…
Liability insurance is insurance you own if you cause an accident. Say you are at mistake in a car calamity, if the other party invovled in the fluke is hurt, they can recover money from your liability insurance for their injuries. I thought most states required that you have at lowest liability insurance. (They do in Oregon anyway). It is very beneficial because if you don't own liability insurance and you cause an accident where on earth someone is hurt very badly, you can one-sidedly be sued. Source(s): I work at a personal injury law firm and work with this stuff every year.
mbrcatz17 has got this! listen to the agent!
contained by case you mess up they pay up. next to out it you will pay.
like doctors pass malpractice insurance for any mistake they may make with a merciful
If you are a business owner or employer, you have a court responsibility towards your employees, customers and the public. If an employee or a appendage of the public is injured as a result of your negligence you could be held legally liable and risk being sued.
There are several types of liability insurance and adjectives of them help cover your legal responsibilities towards your organization, your customers, and the public. More specifically, they help you pay any compensation claims and legally recognized costs if you or your employees are found to be at fault. Clearly the authority of having this insurance is that your business won't go bust should you be on the wrong lapse of a big claim!
You may need some help finding out which liability insurance you inevitability, in which case run to http://www.coverzones.com where there is a 'help me choose' facility (answer the two question on the homepage and you'll see it). You then provide some simple information about your business and they do the rest.
The same site also have some great information on insuring your business liabilities (http://www.coverzones.com/learn-more/your-business-liabilities/)
I hope this helps. Source(s): http://www.coverzones.com
http://www.coverzones.com/learn-more/your-business-liabilities/
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