Why Is Personal Liability Insurance Important?
Personal liability insurance protects policyholders from overwhelming financial exposure in the event of an incident that may cause property damage and/or bodily injury to others. It also protects business professionals in the case of harm caused to others in the line of business.
Other People Are Reading
-
Auto Liability
-
Automobile liability is mandated in most states to assure that drivers have the financial responsibility to cover damage to life and limb. The minimum coverage for most states is basic liability, which includes property damage liability and bodily injury liability auto insurance, neither of which covers damage to the policyholder's own vehicle or people in the policyholder's vehicle.
Homeowner's Liability
-
Homeowner's liability insurance covers incidents occurring on the property of the policyholder. Those incidents include visitors who get injured and property which may become lost or destroyed.
-
Professional Liability
-
Professional liability insurance not only covers harm caused to others by the business professional, but also covers the legal costs associated with either defending against the claim or negotiating the settlement.
Umbrella Liability
-
A personal "umbrella" liability insurance policy provides additional personal liability to cover any excess damage or injury caused that may go above your existing liability insurance policy. Referred to as "personal excess" and "additional personal" liability, these policies can be extended to cover events that exceed your homeowner's and/or automobile liability policies.
-
References
- Photo Credit man falling image by dinostock from Fotolia.com
