Scribd
Upload
10 views2 pages

Liability Insurance

The document defines liability insurance and describes several types including general liability, professional liability, product liability, employment practice liability, directors and officers liability, cyber liability, umbrella liability, and environmental liability insurance. These types of liability insurance provide protection from various legal and financial risks.

Uploaded by

sharmadeepanshu28
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
10 views2 pages

Liability Insurance

The document defines liability insurance and describes several types including general liability, professional liability, product liability, employment practice liability, directors and officers liability, cyber liability, umbrella liability, and environmental liability insurance. These types of liability insurance provide protection from various legal and financial risks.

Uploaded by

sharmadeepanshu28
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

LIABILITY INSURANCE

DEFINATION
It is a type of Insurance that provides protection to individuals, Businesses, and organisations from
financial losses resulting from claims and law suits filled by third parties who allege that the insured
party’s negligence or wrongful actions caused them harm

Liability Insurance is designed to cover legal expenses, settlements, or judgements that may arise
from such claims.

There are several types of liability insurance, each designed to address different types of liability
risks.

TYPES OF LIABILITY INSURANCE


 General liability Insurance
This is broad form of liability insurance that provide coverage for a wide range of liabilities,
includes bodily injury, property damage, and personal injury.
It is often purchased by businesses to protect against claims from customers, clients, or Third
parties who suffer harm on the insured’s premises or because e of the insured’s operations.

 Professional Liability
This insurance is typically purchased by professionals such as doctors, lawyers, architects,
and consultants.
It covers claims related professional errors, omissions, or negligence in the performance of
their duties.
Different professions may have specific names for this type of insurance, such as medical
malpractice insurance or legal malpractice insurance.

 Product liability Insurance


Manufacturers, Distributors, and Retailers often purchase this insurance to protect
themselves from liability claims related to defective products.
It covers injuries or damages caused by product design, manufacturing, and labelling.

 Employment Practice Liability Insurance (EPLI)


ELPI provides coverage from claims related to employment-related issues, such as wrongful
termination, discrimination, harassment, and work place-related law suits.
It is particularly purchased by current of former employees.

 Directors and Officers Liability Insurance


D & O Insurance protects the personal assets of a company’s directors and officers in a case
they are personally sued for alleged wrongful acts in their management decisions.
Its often used to attract and retain talent executives.

 Cyber Liability Insurance


With the increasing risk in data breaches and cyber attacks, This insurance covers the costs
associated with data breaches, including legal expenses, notification costs and potential
liability to affected parties.

 Umbrella Liability Insurance


An umbrella policy provides additional liability coverage that goes beyond the limits of
underlying liability policies, such as general liabilities or auto liability.
It provides extra protection in case a liability claim exceeds the primary policy’s limits.

 Environmental Liability Insurance


This insurance provides coverage for costs associated with environmental cleanup and
liability arising from pollution and contamination of the environment.
Its often used by companies involved in industries with potential environmental risks.

You might also like