The simplest definition of 'liability insurance' is insurance coverage to protect against the claim that someone negligence or inappropriate action resulting in injury or property damage.
People and organizations can and make mistakes that they become responsible if and when this act ruled to be the cause for damaging the body or other properties. This is when it comes to insurance policies provide protection.
Liability coverage pays when the insured is legally liable for negligent acts. In some situations, the coverage provides protection if the insured becomes 'moral obligation' to those damaged by non-negligent acts of the insured. You can check out Best Business Liability Insurance Company in Miami for getting more knowledge about liability insurance.
People / organizations vary in their social and business behavior, and so does the coverage needed to protect them. For each category of person / organization is no different insurance that provides protection. different people / organizations need to type / number of different liability coverage.
Classification of Obligations
Personal vs. Commercial Liability: personal insurance provides coverage for individuals while commercial liability provides coverage for the enterprise. A four-door sedan car requires personal auto liability policy. If the same vehicle is used for shipping, it may need a commercial auto policy.
Personal Liability Protection usually come in personal policies such as Personal Auto Policy (PAP), Homeowners Insurance Policy, a policy boats, and personal umbrella. This insurance pays the insured for the damage that causes bodily injury, personal injury, property damage, legal defense in connection with claims filed against the insured.
Professional liability. Class provides protection for many individuals and businesses for their service injury losses / suggestions may cause others. Examples include malpractice insurance for doctors and medical staff, errors & omissions for insurance agents and real estate, etc.