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Liability Insurance

Liability insurance can be difficult to understand, but that doesn't mean that you should overlook it. This type of insurance is so important that it is even required by law in some provinces.

If you are considering getting an insurance plan, it's important not to neglect liability insurance as it can definitely be a huge help at times when you need it most. Here's an easy guide to liability insurance:

What is liability insurance?

Basically, liability insurance is a type of insurance that covers the expenses that the policy-owner is obligated to pay in compensation for any bodily injuries or property injuries that apply to the insurance policy. For example, liability insurance can cover the costs of legal action if an employee sues a company for an injury caused by bad working conditions.

What do the terms 'bodily injury' and 'property damage' refer to?

In liability insurance policies, the term “bodily injury” is normally used to refer to physical injury, sickness, disease, or death. “Property damage”, on the other hand, refers to any type of physical injury to a belonging, as well as if the belonging is rendered unusable regardless of physical injury. Another type of liability insurance is that which covers such cases as defamation and slander.

Why get liability insurance?

In times when you may have to deal with your own expenses, damages, losses, and other struggles, it doesn't really help to also have to pay off a third party. The costs for legal action alone can be devastating, which is why it is important to have good liability insurance.

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