When it comes to law suits only this insurance can save you
What is liability insurance?
This is a type of insurance that is designed to protect the people who are prone to lawsuits. This is actually a part of the general insurance and covers you in the times when you have claims regarding your professional working and attitude.
What does it cover?
The liability insurance covers a person when he or she is fighting a lawsuit. The areas covered are:
The legal costs: The legal costs of fighting a lawsuit are far bigger than one can think because the lawyers and the law firms have become very expensive. This if not covered will leave you bankrupt only for fighting the lawsuit. So this cost is covered by this insurance type.
The legal payouts: the legal lawsuit is filed against you ask for compensation for what the other party has suffered. If you are found at fault by the judge you will have to pay the other party a huge sum of money. This insurance covers you for that too and you will be saved.
Who all can buy this cover?
Liability insurance is applicable to all those who can be sued by others. Basically it is the nature of work that should determine whether or not you should buy this insurance. These professionals fall directly in the line of being sued and therefore must buy this insurance
- The medical practitioners
- The product manufacturers
- The building contractors
- The business owners
- Anybody who deals with another person or his or her property