Liability Insurance
Is a type of insurance product that guarantees or protects the insured against third party lawsuits that may arise during the insured’s business activities or the use of a product or assets belonging to the insured, caused by unintentional mistakes or negligence by the insured or the person working for the insured.
The losses suffered by third parties include:
- Bodily injury, illness or death.
- Damage or destruction to third party property.
- Costs incurred due to litigation
Liability Insurance can be in the form of:
- Comprehensive General Liability
- Third Party Liability Insurance
- Product Liability Insurance
- And others