Liability Insurance Types
Businesses face many risks in the course of operations from time to time. Some of these risks pose a serious threat to profitability and possibly the existence of the business in worst case scenarios. For this reason, most businesses choose insurance to cover their operations and costs in the event of loss.
Liability insurance is one of the major business insurance policies. This policy offers to insure business owners, business professionals, and self-employed individuals against financial loss arising from the compensation of claims due to malpractices, injuries or negligence. This type of insurance is important since it also acts as an asset protection plan from adverse expenses.
Liability insurance covers legal expenses and claim amounts imposed on the business owner if found legally responsible.