It is a type of insurance product that provides guarantees or protects the insured from third party lawsuits that may arise during the insured’s business activities or the use of a product or asset belonging to the insured which is caused by unintentional errors or negligence by the insured or people who work for the insured.
The losses experienced by third parties include:
- Bodily injury, illness or death.
- Damage or destruction to property belonging to third parties.
- Costs incurred due to court proceedings.
Liability insurance in the form of:
- Comprehensive General Liability
- Third Party Liability Insurance
- Product Liability Insurance
- And others