Liability insurance also called third-party insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. It also covers legal costs and pay outs for which the insured party would be found liable.
Who should take such a policy: Employers for their workers, Directors and officers of the company, manufacturer of products, small, medium, and large industrial risks and non- industrial risks like hotels, airports, godowns, shops etc.
Protection against claims up to the limits specified for which the insured shall become legally liable to pay compensation for fatal accident, bodily injury to any person or engaged in the service of the insured or to any third party
Liability arising for accidental loss or damage to property not belonging to the insured
Liability insurance covers legal costs and pay outs for which the insured party would be found liable.
