Liability insurance is a policy type that extends considerable protection to businesses houses and individuals from the risk that they may be held legally or sued for some type of negligence, malpractice or injury or alike. Some of the majority used types are as follows.
Commercial General Liability Insurance/Public Liability/Third Party Liability
This insurance basically covers legal liabilities from third party property damage/bodily injury or death/ financial loss/advertising injuries resulting directly/indirectly from insured business operation or insured business premises.
Professional Indemnity/Error & Omission Insurance
This insurance is basically more suitable for professional service & consultancy providers wherein this insurance safeguards them against their financial loss arising due to legal liability caused from actual or alleged error, omission or negligence in professional service rendered or which should have rendered by insured.
Workmen Compensation/Employee Compensation Liability insurance
This insurance covers all legal liabilities & compensation for which insured is liable under Employee compensation act 1923, the fatal accidents Act, 1855, Common law
Commercial Crime Insurance
Losses due to business crime is reality today which may be done either by employee or a third party. Commercial Crime insurance compensates insured against their financial & property loss due to act of crime committed against insured by employee or third party. This will include fraud/dishonest cover by employee or a third party including criminal act done through web/internet/cyber activities.
Director & Officer Liability Insurance
This insurance basically covers financial loss of directors or officers of company resulting from a legal action brought towards them due to alleged wrongful act/decision/ error/ negligence done by them at their professional capacity.
