What is General Liability Insurance?

Liability insurance protects the insured from third-party liability claims that fall within the coverage of a policy. Claims of both bodily injury and property damage can be covered. Broadly, there are two types of liability insurance – general liability and professional liability insurance.

General liability insurance covers most liability exposures other than automobile and professional liability. It provides coverage for a wide range of negligent acts by the insured, which result in bodily injury, property damage or personal injury to a third party. For example, a premises liability policy protects the insured from the claims of third party liability that may arise during the course of owning, using, renting, protecting, managing or controlling a property.

What is Professional liability insurance?

Liability insurance protects the insured from third-party liability claims that fall within the coverage of a policy. Claims of both bodily injury and property damage can be covered. Broadly, there are two types of liability insurance – general liability and professional liability insurance.

Professional liability insurance is designed to protect professionals such as lawyers and accountants against liability claims incurred as a result of malpractices or errors and omissions in performing their professional services or consulting. The coverage is available to a wide range of professionals including architects, engineers, patent attorneys, tax accountants, real estate brokers, appraisers, beauticians and insurance agents, loss adjusters and brokers.

What is Workers’ Compensation Insurance?

Workers’ compensation insurance is a policy that an employer is required to obtain to protect its business and employees in the event of employee injury, disablement or death caused in the course of employment. It covers the costs of medical treatment and rehabilitation and lost wages.

What is Personal Accident Insurance?

Personal accident insurance is a policy that provides compensation for the insured’s injuries, physical impairment, disability or death caused by sudden, accidental and external events. The types of coverage provided by personal accident insurance include benefits for death, impairment and disability and medical expenses. A rider can be added to cover disease, the loss of or damage to personal effects or claims of third-party liability.

What is Other Specialty Insurance?

There are a range of other specialty insurance products that cover non-traditional risks or the risks that are newly emerging or being identified in the course of technological development. No standardized terms and conditions are available for such insurance products, and a policy is designed to meet the specific needs of the insured. Among the many kinds of other specialty insurance are residual value insurance, weather insurance, mobile phone insurance, prize indemnity insurance and contingency insurance.

What is Guarantee Insurance?

Guarantee insurance indemnifies a creditor (the insured) against the loss resulting from the failure by a debtor (the policyholder) to meet contractual and legal obligations. A guarantee insurance policy provides the creditor with a sense of comfort in respect of contract performance. The policy also benefits the debtor when he or she finds it difficult to arrange for a surety or guarantor or to make a contract deposit as required.