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Liability Insurance
September 12 , 2012

Liability insurance covers a business owner's liability towards various parties. Accordingly a business may need to have public liability policy, product liability policy, worker's compensation policy, professional indemnity, commercial vehicle policy, etc.

Public liability policy covers the liability of the business owners towards damages to a third party with respect to accidental death, bodily injury or damage, damage to property.

Product liability policy covers liability to pay compensation for bodily damage or injury caused to a third party or damage to property caused by faulty goods manufactured or sold by the business. 

Workmen's compensation policy provides monetary compensation to employees in case of injury by accident or disease coming on in the course of and due to employment. Premiums usually vary with the occupation and wages of the employees.

Professional indemnity covers the liability to a third party for claims arising out of errors, omissions and negligence in professional service provided by the insured. This kind of insurance is mostly relevant to doctors, lawyers, CAs, engineers, architects and such professionals. Some policies cover only legal liabilities and others cover both legal liabilities and claims arising out of bodily injuries or death.

Motor liability policies offer both comprehensive cover and third party liability cover for commercial vehicles.

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