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Liability Insurance
(Continued)
- Professional Liability Insurance (Errors and Omissions Insurance): Protects professionals (such as doctors, lawyers, consultants, and accountants) against claims of negligence or inadequate work that result in financial loss for the client.
- Product Liability Insurance: Covers businesses that manufacture, distribute, or sell products in case a product causes injury or harm to a user.
- Employers' Liability Insurance: Often part of workers' compensation insurance, employers' liability insurance covers employers against claims by employees who have suffered work-related injuries or illnesses that are not covered by workers' compensation.
- Directors and Officers (D&O) Liability Insurance: Protects directors and officers of a company from personal losses in case they are sued for alleged wrongful acts while managing the company.
- Cyber Liability Insurance: Protects businesses from the financial losses and liabilities associated with data breaches and cyberattacks.
- Umbrella/Excess Liability Insurance: Provides additional liability coverage beyond the limits of other liability policies a business may have.
Who needs liability insurance?
Liability insurance is a crucial form of protection for individuals and businesses alike. Anyone who faces potential legal liabilities, such as professionals, small business owners, landlords, and contractors, should consider obtaining liability insurance to safeguard their assets and mitigate financial risks associated with lawsuits or damages caused to others.
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