Liability insurance may be compulsory and voluntary. There is a wide range of insurance coverages that could be useful for both individuals and legal entities. The most common are:
General Liability Insurance
General liability insurance provides protection against claims resulting from bodily injury or property damage caused to third parties in the course of or in relation to the business of the insured party, which is specified in the insurance policy.
Product Liability Insurance
Product liability Insurance covers claims against the insured party for bodily injury or property damage caused to third parties by goods/products that have been manufactured, supplied, installed, repaired or otherwise handled by the insured party.
Tenant’s Liability Insurance
Tenant’s liability insurance covers payouts that the insured party is legally responsible for in case of damage to the landlord’s property or other non property losses resulting from the execution of the insured activity.
Professional Liability Insurance
Professional liability insurance is offered to both individuals and legal entities. There are various types of professional insurance covers, such as Design and Construct Professional Liability Cover, Professional Liability Cover for the Hotel Industry, Professional Liability Cover for Security Guards, Professional Liability Cover for Lawyers, etc.
In general, the insurance covers the professional liability of the insured party for directly caused property damages and non property losses during the term of the insurance policy, such as death or bodily injuries as a result of an accident, and total or partial damage to movable and immovable property.
Employers’ Liability Insurance
It provides liability protection to an employer in the case of bodily injury or property damage the latter has caused to one’s employees over the course of their work or in connection with their obligations under the employment contract.