At Rogers, we often ask about the third party liability insurance. It is a term that can be somewhat confusing to many people and has some misconceptions that surround it.
Fortunately, it is not nearly as difficult to understand as you might think. Here is a basic overview of what you need to know about party liability insurance.
What is the third party liability insurance?
These days, a life-changing incident can happen in the blink of an eye - be it a car accident, an injury in your home or an accident at your place of business. But did you know you could be held financially responsible for an incident, even if it's not your fault? That's where liability insurance comes in.
In other words, liability insurance protects you against your actions and, in certain circumstances, the actions of others. For example, if you cause an accident while driving, or a friend is driving your vehicle and cause an accident, liability insurance would cover the cost of injury / damage to the other driver and / or vehicle. Here is how it is broken down:
Part = you
Part = your insurance company
Part = other parties involved in the incident
It is important to note that the liability insurance only covers legal fees, medical or related to others involved in the incident, not yourself even. If you have been found to be directly at fault in a particular incident, you and your property will be protected if you have coverage from part one.
Who needs third party liability insurance?
This unique form of insurance is available to individuals and businesses. It can protect your car, your home and your business in the event of medical, legal or related related to an incident caused by you or in some cases, someone else (as an employee, family member or a friend).
- cover companies: many companies carry third party liability insurance to cover a wide range of specific risks, including legal costs associated with employee claims, the costs associated with injuries to customers and claims against your products or business services
- cover automotive :. Say you lend your car to your neighbor Jim who has an accident and seriously injures Sally, an innocent bystander. As it was your car, you might Sally and Jim continue. Liability insurance will cover all medical and related costs incurred by Sally that you would be held responsible
- Cover Home :. A similar situation could occur in your home. Say you are a party in your backyard. Jim accidentally injures a guest while on your property. You and Jim would again be protected by liability insurance (each under your own policy owners) that would cover legal, medical and related costs of the guest injuries resulting from the accident.
So there you have - a basic overview of how works of third party liability insurance and how it can protect you when the unexpected happens
For Learn more about how the third party liability insurance can protect your home, car or business, contact Rogers. insurance today for a FREE quote
0 Komentar