Liability Insurance in Red Deer
Liability insurance is a type of policy that is meant to protect you and your business from third party claims. Unlike other types of insurance policies, where the insurer pays you to compensate for damages or losses, liability insurance normally results in payments being made to a third party who is not an actual part of the contract. The idea is to protect the insurance policy owner from costs, arrest, or any other type of liability caused by bodily injury, personal injury, or property damage to the third party. Read on to learn about the kinds of liability insurance available in Red Deer, Canada.
Personal umbrella liability insurance
Liability insurance is often offered as an option when property owners get auto, home, or property insurance. Oftentimes, however, the coverage of liability insurance options are limited. Personal umbrella liability policies are meant to offer a wider range of liability coverage. If you accidentally cause an injury to someone or damage to their property, personal umbrella liability insurance will protect you from costs arising risks, such as false arrest, defense costs, invasion of rights and privacy, libel, slander, or defamation of character.
Commercial general liability insurance
Commercial general liability insurance, often called general business liability insurance, covers some of the most basic risks that are encountered by companies and their owners. This type of insurance policy covers bodily injury, property damage, and personal injury caused to third parties, such as employees and customers. Also covered are defense costs in case of legal action.
Professional liability insurance
Professional liability insurance, on the other hand, is a more specific type of insurance. It is meant to protect the company from liabilities caused by the actions, inaction, mistakes, errors, and other wrongful acts of professionals associated with the company. Professional liability insurance may be specific to a certain type of business, industry, or a particular profession.
