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Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
In the United States insurance market this is known as Commercial General Liability (CGL). It is the "first line" of coverage that a business typically purchases, [ 1 ] and covers many of the common risks that can happen to any type of business, such as bodily injury or property damage on the business premises or due to the business operations ...
General liability: This type of insurance covers lawsuits involving bodily injury or property damage. Professional liability: This insurance is sometimes called "errors and omissions coverage."
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
Like other liability insurance, it covers legal fees and any resulting settlement up to your policy limits. This type of business liability insurance is also called errors and omissions (E&O ...
Liability is an important component of a car insurance policy, so understanding how the liability portion of your auto insurance policy works is crucial.
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