Liability Insurance Coverage

The protection that is offered by liability insurance coverage can serve as both a shield and a safety net for private citizens as well as professionals in the marketplace. There are many different types of policies that come under this heading. In general, this coverage will protect an insured individual from financial devastation should that individual be found to be liable for harm to another person. The definition of harm can encompass damage to property, bodily harm requiring medical care, pain and suffering, income lost, or a number of other issues. Purchasing policies that protect a family's assets is not only a good idea, in some cases it is required by law. For drivers, basic liability insurance coverage is required in most states. Of course, many consumers prefer to opt be covered for more than just the legal minimum amount. Experiencing an accident while driving can happen to anyone and even the best driver could be found at fault. The amount of debt that an uninsured or under insured consumer might face if they are found to be at fault in an accident could be staggering. Professionals who find themselves facing a lawsuit from a client may deal with similar financial devastation. Protecting a family's security and well being only makes sense in the light of such risks. Hopefully, the insured individual will never need to test the limits of the policy that they choose. But making an investment in asset protection can add substantially to a family's peace of mind.



One of the benefits of liability insurance coverage is the fact that it can be much less expensive than other, more comprehensive policies. In the area of automobile protection, a policy that will cover the cost of damages to the insured individual's vehicle as well as any damage done to another party can be very expensive, especially when compared to liability only policies. But there is a risk that is associated with carrying less protection. In a worse case scenario a policyholder may find that they are liable for much more than they bargained for. When this is the case, many policyholders end up regretting a choice to go with less coverage. Other types of protection within this category include business and professional liability policies. D & O policies are geared toward protecting a company's directors and officers. Some lawsuits will not hold entire companies liable for any mistakes that were made by a director or officer. Policies that protect these individuals in the event of a lawsuit are considered necessary by many organizations. Worker's comp is another type of liability insurance coverage and is a mandatory protection that companies must carry for their employees. This product will handle any expenses incurred if an employee gets injured on the job. Medical and professional policies offer protection to doctors, lawyers and members of other occupations against a number of lawsuits including negligence or malpractice suits.



Businesses have specific needs when it comes to liability insurance coverage. From commercial umbrella policies to employment practices protection, there are products that can fit the unique needs of most organizations. Liabilities in the area of employment practices could include protection against claims of wrongful termination or discrimination and harassment suits. Non profit organizations may often need coverage in this area as well and will have certain needs that are unique to a not for profit situation. If a company's product is found to be faulty or dangerous in some way, lawsuits for damages from angry consumers could result. Protection against any liabilities for damages that are the result of unintentionally faulty products is something that can bring extra financial security too many organizations. When a company offers technological services, they may be susceptible to lawsuits regarding allegations of omissions or mistakes. Professionals such as engineers, accountants, architects, lawyers, doctors, and a number of other professions could be in danger of facing similar lawsuits and could be in need of insurance products that offer protection. Some policies will even cover the costs of mounting a legal defense. Whether or not an insured professional wins their case, the cost of going to court can be quite high. In our litigious society, purchasing liability insurance coverage can make a huge difference for businesses and professional who risk facing costly lawsuits. Even when a suit is justified, having protection against such losses is important.



Any professional who could face lawsuits brought by dissatisfied clients can benefit from this type of protection. The Bible tells believers that there is nothing to be afraid of when God is the source of strength in their life. The Lord is my light and my salvation; whom shall I fear? The Lord is the strength of my life; of whom shall I be afraid? (Psalm 27:1) There are also many short term liability insurance coverage products. One of these products applies to specific one time events. Underwriting of this nature offers protection against liabilities related to that event.



Homeowners are in need of liability insurance coverage as well. Most homeowner policies offer protection of this nature to some degree. But individual homeowners may feel that they need more coverage than the standard policy offers. Families who have home based businesses, particularly businesses that deal with clients or students in the home may be in need of additional protection. This protection will cover any losses sustained by injury to visitors to an insured individual's home. The dollar amount of protection for these and other types of liability policies can vary widely. Each policyholder must decide just how much protection is needed for their unique circumstances.