- September 11, 2014
- Category: Latest
When we buy a car we must buy auto insurance, when we buy our own home we must have homeowner’s insurance and if you have your own business you must have workers compensation. All of these types of policies have an element of liability insurance that are put into place to protect youfrom claims of negligence against you by a third-party.
Liability Insurance – Different for Each Type of Insurance
While the purpose of liability insurance is the same, the coverage is different for each type of policy. When you buy automobile insurance, you must have two types of liability insurance coverage – bodily injury liability and property damage liability. Why are these not covered in your general insurance policy?
Each one covers different areas where compensation is required to replace or rectify any disadvantages or damages caused due to your negligence. The negligence may not be intentional on your part, but ultimately you are responsible for physical injuries or property damages that are a result of an accident you have caused.
Bodily injury claims include medical expenses, emergency treatment, replacement of income because the injured party is unable to work, and even the cost of funeral expenses that were a result of the accident.
Property damage liability covers the cost of replacing or repairing property that has been compromised as a result of an accident that you have caused. It will cover the repair of buildings or telephone poles as well as the vehicle of anyone who was involved in the accident and suffered damages due to your negligence.
If you are a homeowner, you must have personal liability coverage. This type of liability insurance will cover some instances that you might never expect to happen: if your dog bites the mailman; someone were to slip and fall in your yard; your son throws his baseball and it breaks the neighbor’s window.
A separate liability insurance coverage should also be on your policy to cover any medical bills for a third-party who becomes injured while on your property. If you feel that you do not have enough liability coverage on your policy you may want to add a personal umbrella policy which will give you extra protection.
When you are employed by a company, big or small, that company must pay workers compensation to protect their employees while on the job. This type of liability insurance is made available to anyone who becomes injured while at work. If you were to slip and fall and suffer injuries to your neck and back, your medical payments will be covered by this type of insurance. It is also meant to cover your wages while you are out of work due to the injuries.
To learn more about liability insurance from Arizona based expert, you may visit the following website: Liability Insurance Arizona
Liability insurance is an important form of coverage that protects everyone. The injured should be covered for injuries and damages that were no fault of their own. Liability coverage also covers the insured so they don’t lose their material possessions due to one negligent act.
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