According to Nationwide, property owner's liability insurance covers the property owner from lawsuits arising from real or alleged damage or injury sustained by a visitor. Some examples are a person tripping and breaking an arm or property damage such as a broken windshield on a vehicle.Continue Reading
Liability insurance is a necessity for both homeowners as well as commercial business owners. As stated by Progressive, in the event that a person is injured or his or her personal property is damaged, liability insurance will cover the cost of repair to the property or medical treatment for the individual. There is a limit, however, to the amount of coverage and that is stated in the insurance policy. Anything exceeding that limit is the responsibility of the home or business owner. Some insurance companies, such as State Farm, offer a liability umbrella policy that offers broader coverage. This would be appropriate, for example, for those who believe their liability expenses would exceed $1 million in damages.
According to Nationwide, businesses can benefit from commercial liability insurance in other ways as well. In some cases, a company might have experienced libel or a copyright infringement. If specified in the insurance policy, commercial liability may protect the company in these cases in addition to the more traditional liability claims.Learn more about Insurance