As a lawyer, I can advise that liability insurance covers various types of damages or losses that may occur in your business. Specifically, liability insurance protects your business from financial losses that may result from your legal responsibility for injury or damage to other people or their property during the course of business operations. Liability insurance also covers the cost of legal defense and settlements or judgments against your business in the event of a liability claim.
The types of liability coverage included in a liability insurance policy can vary depending on the insurer and the policy. General liability insurance, for instance, covers claims for bodily injury, property damage, and personal injury. Product liability insurance covers claims related to defective products that cause harm to customers. Professional liability insurance covers claims related to professional negligence or errors and omissions in the provision of professional services.
Despite this general scope of protection, it is important to note that liability insurance does not cover all types of losses. For instance, liability insurance may not cover intentional harm caused by an employee in the course of their work. In addition, liability insurance policies may not cover intentional wrongdoing by the business owner or gross negligence. It is important to carefully review the policy to understand what types of losses and damages are covered and not covered.
In order to ensure that your business is properly covered, I advise you to consult a qualified insurance broker who can help you select the right liability coverage for your specific needs. You should also consult with a licensed attorney to review your insurance policy, potential losses, and possible exclusions or limitations to your coverage.
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