Liability Insurance Coverage can provide protection if you are at fault for causing an accident and damages to another person’s body or property. Most of the product and public liability risks are covered often together under a policy for general liability insurance.
In the United States, the general liability insurance coverage appears most often in commercial general liability policies which are purchased by businesses, as well as in homeowners’ insurance policies which are purchased by individual homeowners. Aside from providing protection against damages, business liability insurance can cover claims of misleading or false advertising such as copyright infringement, slander, and libel. In addition to the protection offered to homeowners, general liability insurance can be purchased by renters who want to safeguard themselves against any liability if damage is caused by fire or any other incident.
There is also liability car insurance available to help pay for accidents that you might cause and it is usually required by law in most states. In New York State, you are required to get auto liability insurance coverage to register a vehicle.
Here are some of the auto insurance requirements that you have to satisfy:
Liability coverage has to be effect whilst you have a valid registration, even for vehicle not in use;
Liability coverage must be from a New York State insurance company;
Liability must always stay in the name of whoever registers the vehicle.
General Liability Insurance Requirements
You are required to have select limits for liability insurance. As with most insurance plans, a general liability policy is going to outline the highest amount that the insurance provider will pay against any liability claim. For instance, if you have a maximum coverage of $200,000 and someone sues your small business to get $150,000 for the amount spent on medical bills after an injury occurred at the worksite and $100,000 extra for legal fees, then you will be responsible for covering the difference.
Bear in mind that you could increase your limits if you already have a general liability insurance policy and you’re ranked as an extremely high risk candidate. This can be done through umbrella or excess insurance.
Other Important Information
It is possible to get a release of liability to save money and time, as well as avoid hassles. This could work if you have sold a vehicle recently and the title is transferred to the new owner. This release will prevent you from paying for any traffic collisions or violations that is committed before the vehicle registration is removed from your name.
Ensure that you research your industry before investing in any policy. There are times when a client contract requires businesses to have the appropriate coverage or even umbrella insurance to work on their behalf. Similarly, someone might want a contractors insurance to have an additional name on their general liability policy for the length of a project.