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What is liability insurance ? what is the use of insuring liabilties?

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Hi, to all yahoo people

i have a question which i am confident of getting a better reply here.....

What is a liability insurance? What is the advantages of having liability insurance?

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  1. Liability insurance is designed to protect you in the unfortunate event that legal proceedings are brought against you by a customer, a member of the public following injury or damage to their property.

    The main advantages liability insurance is that you can purchase a policy that will give exceptional levels of cover for a small premium. When you consider the current climate we are currently in i.e. ‘no win no fee’ service if you own your own company or want to start one it is an essential safeguard against these potential lawsuits.


  2. liability insurance is for things you can be held liable for.  WHAT is covers depends on the policy...auto, home, business, etc...

    the USE of carrying this is because we live in a "sue happy" world and people will sue you at the drop of hat anymore and unless you can afford to pay out if they win or can afford to loose your home, auto etc... you need it.

  3. mbrcatz17 has got this! listen to the agent!

  4. Make use of google to collect some related links or you could try to use answer engines like yahoo answer or answer.com to get some related answers.nonetheless,If you like some direct resource,here is a good resource from my own experience.http://insurance.online-frees.info/insur...

  5. www.wikipedia.com

    Liability insurance, protects YOU, if someone sues you, over the covered items.  It's not standard, so covered items vary.

    It also pays your defense costs, for those items.

    The main advantage, if you're a business, is that it frees up money you'd otherwise have to pay a lawyer, and all the claimants, for costs  & damages, so that you can use that capital for other things.  

    Also, if you're a business, most other businesses you do business with, will require you to carry liability insurance of various types, in order to do business with them.

  6. Liability insurance is insurance you have if you cause an accident.  Say you are at fault in a car accident, if the other party invovled in the accident is hurt, they can recover money from your liability insurance for their injuries.  I thought most states required that you have at least liability insurance.  (They do in Oregon anyway).  It is very beneficial because if you don't have liability insurance and you cause an accident where someone is hurt very badly, you can personally be sued.

  7. in case you mess up they pay up. with out it you will pay.

    like doctors carry malpractice insurance for any mistake they may make with a patient

  8. If you are a business owner or employer, you have a legal responsibility towards your employees, customers and the public.  If an employee or a member of the public is injured as a result of your negligence you could be held legally liable and risk being sued.

    There are several types of  liability insurance and all of them help cover your legal responsibilities towards your employees, your customers, and the public. More specifically, they help you pay any compensation claims and legal costs if you or your employees are found to be at fault.  Clearly the advantage of having this insurance is that your business won't go bust should you be on the wrong end of a big claim!

    You may need some help finding out which liability insurance you need, in which case go to http://www.coverzones.com where there is a 'help me choose' facility (answer the two questions on the homepage and you'll see it).  You then provide some simple information about your business and they do the rest.

    The same site also has some great information on insuring your business liabilities (http://www.coverzones.com/learn-more/you...

    I hope this helps.

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