Liability Insurance

What is liability insurance?

Liability insurance is a policy you can buy to protect yourself against injury claims filed against you by an injured person or party. This type of insurance offers protection for your assets and finances as a result of a claim. There are many different types of policies out there and what you purchase depends on your situation and the type of work you do.

Why do I need liability insurance?

Let’s face it, we are all human and accidents happen to even the most careful of people. But when accidents do happen, the situation can spiral into chaos. For example, if you get into a car wreck your insurance may not be enough to cover you for the expenses and damages incurred by the other party. What if the other party dies as a result of the injury and the family comes looking for a payout because the other party was the sole breadwinner? With all the unknown factors and a sue-happy culture you must protect yourself and your finances. The protection of your finances is key. If you have insurance, then you are protected and so are your loved ones.

I already have so much insurance, why do I need more?

That is a great question! When thinking about adding more insurance to your life, think about the insurance you have already and what it doesn’t cover? Does your homeowner’s insurance protect a third party injury? What if a friend steps on a nail on your deck or falls through a rotted board? Would your current policy cover that? What if you decided to chain yourself to a fence in protest? Do you have money to pay for police overtime? These are all good things to think about when we think of the positives of this insurance and what it covers.

What does this insurance cover?

General liability covers the following

– Third-party bodily injury
– Third-party property damage
– Slander
– Copyright
– Libel
– Medical payments

This list is not extensive and that which is covered comes down to what you purchase in policy and the type of work you do and what protection you want.

How much does this type of insurance cost?

The average costs for a policy is about $800 a year and it covers you for about $1 million of coverage. Most personal injury claims start at about $75,000 but that rate can vary due to many factors such as death or slander charges. When you look at the figures $800 is a small price to pay for your peace of mind.

How do I buy this insurance?

Now that you are ready to purchase this type of insurance you need to seek out a broker to discuss the reason for purchasing the insurance. It would be helpful to compile a list of concerns to speak to the agent about. Having this insurance is a positive thing and the best move you could ever make in order to protect yourself and your family. Insurance is a peace of mind for the unknown and is vital for you and your family.