Get a Business or General Liability Insurance Quote

Accidents happen from time to time, but if somehow a person got hurt in your property or your workshop because of their fault or your equipment’s, things get a little bit awkward. Sometimes they might demand you to pay for their medical bills, which can be very costly, and if you only buy a property insurance policy, the insurance company will not cover this loss. This is where liability insurance jumps in. Designed to protect the insured party from liabilities incurred by lawsuits or claims, liability insurance might be your key out of a lengthy lawsuit and legal processes.

Liability Insurance, what is it?

Liability insurance is a special kind of insurance that springs into action whenever a third party is injured in your property or business. When an accident happens, that person has the right to sue you and demand you to pay for their medical bills and compensation fees. If you don’t have liability insurance, these fees are on you, and they can be a heavy financial burden. However, if you are insured under liability insurance, the insurance company will pay out these fees for you.

Liability insurance coverage can actually be very wide. If your employees got hurt because of your equipment, then liability insurance can also be invoked. Liability insurance can also be invoked if your products are faulty, causing damage to third parties. In general, if you operate a business that can potentially cause damage to other people and their properties, you will benefit greatly from liability insurance coverage.

What does liability insurance include?

Liability insurance includes a vast number of sub-policies. Here are some of the most common ones.

• Employer’s liability: this covers the liabilities incurred when an employee is dead or injured.
• Product liability: this covers the liabilities stemming from a faulty product that caused harm to a third party.
• Indemnity liability: this protects your business from negligence claims due to mishandling a task.

Why do you need liability insurance?

Liability insurance is currently one of the most famous types of insurance, and not with good reason. Businesses always run a risk of causing injuries to third parties, especially hazardous ones such as a garage. The legal fees for these incidents can be sky-high, taking months, or even years, of income to compensate. With liability insurance, owners of any type of business will be able to keep on working without a huge financial setback stemming from liabilities, potentially saving you from imminent bankruptcy if the compensations exceed your income.

Liability insurance is particularly helpful if you are a landlord or if you own a garage. For the latter case, liability insurance, if your customers’ vehicles accidentally got damaged during the repair process, or vandalized when they are in your possession, the insurance company will make payments on your behalf. Do note that the policies vary from company to company, so you will need to do careful research into exactly what is covered in your policy.

Risk management is an important part of any business, and you can start mitigating the damage caused by unforeseen events with liability insurance. Still, have a question? Don’t hesitate to call us now and make inquiries!