All businesses operate in an increasingly litigious society, and this also increases their need to understand what is liability insurance coverage. Even if it may be difficult to imagine a situation where you are likely to face a claim from a third party, insuring your business against such unforeseen factors and events is wise. While the cost of a getting a liability insurance policy for your business depends of the type of business, risk factors and your coverage needs, it is still relatively inexpensive. This is very affordable compared to the amount of money you would spend ‘out-of-pocket’ in legal costs and compensation in the event that your business is sued.
Understanding what is l liability insurance is vital to protect your business from lawsuits for bodily injury or property damage from third parties.
To indemnify the Insured against all sums which the Insured shall
become legally liable to pay as damages consequent upon accidental for:
a. Bodily Injury to third party
b. Loss of or damage to third party’s property
c. Legal expenses necessarily incurred in (a) and (b)
with written consent of the Insurer arising out of their Business and all other activities incidental thereto in which the Insured may become legally liable during the period of insurance.
Damage to property belonging/ under the control to the Insured
Deliberate act or omission of the Insured
Property in custody & control
Any legal liability of whatsoever nature directly or indirectly caused by War, Pollution, Radioactivity, Asbestos, contamination, Terrorism, Invasion
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