What Is Liability Insurance?

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Liability insurance provides coverage against harm that you have caused to a third party, such as personal injuries, property damage or bad business advice. Find out the different types of liability insurance, including auto liability insurance and business liability insurance, with information from a licensed insurance salesperson in this free video on insurance.

Part of the Video Series: Insurance Facts
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Video Transcript

What is liability insurance? Liability insurance can really cover many different things. We talk about automobile liability insurance. We talk about general liability insurance for a business. We talk about personal liability insurance on a homeowner's policy or a standalone liability policy. We talk about professional liability insurance for a professional or a doctor or a lawyer or an insurance agent such as myself. Liability insurance covers you or an entity -- a business entity -- for actions that take place in the world. Really, for something you might cause. You cause harm. Typically, with general liability, we talk about bodily injury or property damage, but in the case of something like professional liability, it could be bad advice you give to someone. So liability insurance covers you for the actions you take in the world if, for some reason, somebody comes back to you and is looking to claim a just settlement or if someone brings suit to you. So liability insurance covers your actions with a third party and will defend you in the case that suit is brought against you.

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