Liability Insurance: Definitions & Articles

What Is Liability Insurance?

This is the type of insurance that helps both people and businesses to protect themselves against the risks of liabilities (as long as the claims are within the coverage of the policy). Oftentimes the payment is made not to the holder of the policy but a third party suffering loss. Besides, damage caused intentionally is not covered.

What Does It Cover?

Liability insurance compensates for legal costs and payouts a holder of the policy is responsible for as long as these costs and payouts are legally liable (in other words, within the particular policy and are not a result of intentional damage or criminal acts). As being said, in most cases, a third party – not the policyholder – receives the payment. Liability insurance is popular with people and businesses that can cause injuries or damage – vehicle owners, medical workers, etc.

How Much Can It Cost?

The exact monthly premium is determined by the type of insurance, the industry, your claim history, as well as many other details, such as the size and type of your business and the extent of coverage. All in all, it may cost you about $45 a month.

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An Unprecedented Surge in Liability Insurance in Virginia: from $25,000 to $30,000 And Beyond

As the Department of Motor Vehicles of Richmond informs, the recently passed bill SB 1182 significantly increases the liability insurance coverage requirements in 2022 and further, doubling the required injury or death coverage for policies effective on January 1, 2025, and bringing more important changes. The update will come into force on January 1, 2020, […]

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Insurance Risk Reduction Explained

Risk reduction – also known as loss mitigation – allows organizations and individuals to effectively manage the risk of loss they inevitably encounter as they operate in their industry.

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Paving the Way to Your First Insurance Claim Adjuster Job: Step by Step Instructions

There are several proven steps you will have to take before you can get your first insurance adjuster job. Without further ado, let’s dig into it.

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When to Pay Excess on Car Insurance & Does Insurance Excess Work?

How exactly do you pay your excess? A standard car insurance excess meaning is the total sum you need to pay upon filing an insurance claim.

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What is EPLI Insurance & Who Needs It?

Employment practices liability insurance by definition protects the employers and companies from potential losses and expenses in a case when an employee or a third party sues you for work-related incidents such as accidents, illness, or death.

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What Is A Snowmobile Insurance? Find Out More About Liability & Comprehensive Coverage

It is a rare chance to enjoy riding a recreational vehicle for some drivers. For others, it is a lifestyle. But regardless of the proficiency level, any rider needs additional reassurance that his sled is protected against a sudden threat or accident. The latter can entail numerous risks like bodily harm, crash, repairs, or property […]

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Renters Insurance: How it Shield From Abrupt Liability Claims

Imagine going on vacation for a week, then returning to the house you are renting and finding that you’ve been robbed! Your TV, laptop, jewelry, and other personal property are missing, and some of your furniture is broken. Are you able to replace it all yourself? If your answer is no, you definitely need renter […]

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Motorcycle & Scooter Insurances: Key Points

Motorcycle insurance is meant to shield owners and their motor transport from unexpected losses and associated material risks. Different policies are intended to compensate for theft, damage to motor transport or other vehicles, and medical costs. Riders can purchase multiple add-ons to safeguard the motorbike accessories, ensure towing handling, and compensation for physical harm. The […]

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Boat Insurance: Definition & Types

Boat insurance is intended to safeguard the vessel and its commuters from accidents and other unexpected events. The policies may differ depending on the specific power limit and the boat class. Most of them guarantee year-round coverage and typically shield the craft from acts of vandalism, theft, fire, and storm throughout the off-season. Boat insurance […]

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A Practical Guide To R&W Insurance: What Buyers & Sellers Should Know About Its Role In M&A

The landscape of M&A has been dramatically transforming in times of the COVID-19 pandemic. Apart from the temporary market unpredictability, companies had to get used to the changing due diligence process and increase in litigation. But despite that, the reps and warranty insurance saw an increase in demand. Let’s take a closer look at the […]

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