Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit; to offer protection against specified perils in consideration of a premium.
We all live in the society where uncertainties are at its peak and none of us knows when a financial help is needed. For such an environment, insurance works as a safety jacket for protecting an insured from the various financial crisis that may arise anytime. There are different types of insurances available to safeguard one from health issues, home burglary, car accident or vehicle damage, etc. These are some of the most common insurance policies, but there are insurance policies that are specific in nature.
It is important to cover your business against all kinds of liabilities. Friend digital 24 offers wide range of liability products -- Public liability (third party injury or property damage) from industrial and non-industrial operations, product liability, professional indemnity and D&O liability.
There are number of liability insurance policies available for customers based on their line of work and requirements. The most common forms of Liability insurance are Public, Product, Employers and Third-party liability.
Liability insurance is critical for those who may be held liable for injuries to others, or in the event that the insured party damages someone else's property and is considered to be at fault. Liability insurance policies are taken out by anyone who owns a business, drives a car, practices medicine or law—basically anyone who can be sued for damages and/or injuries.