Liability insurance policies are of very many types. These policies can be categorized into two main types; the general liability insurance and the director’s and officer’s liability. The general liability covers for Bodily Injury and Property Damage caused by an accident while the director’s and officer’s liability covers for financial loss and Personal Injury caused by Wrongful Acts.
These many other types of general liability insurance policies include; professional liability insurance, sexual abuse liability coverage, workers compensation, automobile liability, employee benefits liability, fiduciary liability, liquor liability, watercraft liability, umbrella liability, foreign liability and terrorism liability coverage.
Professional liability or malpractice insurance covers the insured from injuries sustained due to negligence in the delivery of professional services or poor professional standards. This kind of insurance is needed when you are offering certain kinds of professional services to people as a company or an individual. The sexual abuse liability comes in place to cover for claims alleged to sexual abuse. This may occur in the case of negligence, gender bias in hiring of staff or screening of persons. This will help cover the costs if the affected persons allege mistreatment and claims for compensation.
For a large company with many employees, workers compensation liability might be an option to cater for bodily injuries to employees while at the workplace or carrying out other work related duties from a different venue. Another very common type of liability coverage is the automobile liability insurance. This kind of insurance can be in two other forms; the non-owned automobile liability which covers for property damages and bodily injuries caused by accidents for employees’ vehicles, and the hired automobile liability for hired or rented vehicles.
The employment practices liability covers the insured for losses incurred due to wrongful termination, illegal discrimination and any other form of harassment to an employee.