Liability insurance protects individuals and businesses from the risks of liabilities imposed by lawsuits and similar claims. Modern liability insurance relies on dedicated carriers who offer specific protection against third party insurance claims.
Payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier defends the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is important because defense costs tend to rise when cases go to trial.
There are a several types of specialized Liability Insurance:
Commercial Liability Insurance protects a company’s assets and pays for obligations, such as medical costs that might be incurred if someone gets hurt on your business property or when there are damages or injuries caused by you or your employees.
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Professional Liability Insurance (PLI), also called Professional Indemnity Insurance (PII) and Errors and Omissions (E&O) in the United States, is a form of insurance that protects professional advice and service from the cost of negligence claims made by a client, and damages awarded in such a lawsuit.
Read more about Professional Liability Insurance (PLI).
Cyber liability coverage covers unauthorized use of, or unauthorized access to, electronic data or software and can also provide coverage for liability claims for spreading a virus or malicious code, computer theft, extortion, or any unintentional act, mistake, error, or omission made by your employees while performing their job.
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Media Liability Insurance protects individuals and businesses involved in offline and online publishing via publications, websites, Facebook, Twitter, Google+ and other social media outlets and blogs from costs that could arise from libel suits. Any company or organization that distributes information to the public via a web site, blog, desktop publishing or email now faces the same liability risks as traditional media outlets, including radio and television stations and newspaper, magazine and book publishers.
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To learn more about Liability Insurance coverage, contact Golden Global Insurance at 305-899-5125 today.