Types of Liability Insurance

Insurance usually means protection, and while various types of insurance offer you protection in certain situations, a liability insurance protects your from being held responsible for damages caused to other parties. Want to know more about this specific kind of insurance? Here are different types of liability insurance:

General Liability Insurance

This is used by business companies that need protection from third party claims. With this insurance, companies can't be held responsible for irresponsible acts or negligence by their employees.

Umbrella Liability Insurance

This insurance is for individuals and companies who want to be protected from liability claims above and beyond the amount covered by their primary policies. Umbrella insurance policies usually allow additional five million dollars worth of liability coverage. It used to be only associated with wealthy or high-profile people.

Kidnap, Ransom and Extortion Insurance

This type of insurance are usually meant for celebrities and important people. Big companies can also purchase this insurance to protect their executives and families.