Liability Insurance is crucial for any business as it protects your business interest against lawsuits filed by third parties for loss or damage suffered during business operations. It offers coverage against the third-party liabilities that arise from the premises or operations of the insured and legal costs incurred related to it. However, intentional damages and contractual liabilities are not covered by every liability insurance policy.

Liability insurance is most suitable for business owners, doctors, hospitals, etc. so that they cannot be sued by the patient's family if by chance they cannot save the patient. In another example, a manufacturing company when covered under liability insurance, cannot be claimed legally for any damages by the customers. In case of any claims, the insurance company will bear the liability. Liability insurance falls under general insurance policies.

Types of liability insurance based on your business needs

• Act liability – It is compulsory for every business dealing with hazardous goods such as gas, petrol, explosives, etc.
• Non-industrial and industrial liability policies
• Commercial general liability
• Directors’ and officers’ liability
• Error and omission liability
• Cyber liability and crime liability

The liability insurance varies a lot from one insurance provider to another. To have a brief understanding of how it works, what all it covers, and which product suits your business, get in touch with our expertise on…