Liability insurance is very important for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.
Investment dictionary. Academic. 2012.
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Liability insurance — is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril , formed a group and created a self help fund out of which to pay compensation should any member incur loss. The modern… … Wikipedia
liability insurance — insurance covering the insured against losses arising from injury or damage to another person or property. * * * Insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses… … Universalium
liability insurance — Insurance that protects a party from various types of claims. Typically liability insurance protects the insured from losses resulting from property damage claims or from bodily injury claims. Construction lenders usually require contractors to… … Financial and business terms
liability insurance — n: insurance against loss resulting from civil liability for injury or damage to the persons or property of others see also comprehensive general liability insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
liability insurance — noun insurance that provides protection from claims arising from injuries or damage to other people or property • Hypernyms: ↑insurance * * * noun : insurance against loss resulting from liability for injury or damage to the persons or property… … Useful english dictionary
liability insurance — A form of insurance policy that promises to pay any compensation and court costs the policyholder becomes legally liable to pay because of claims for injury to other people or damage to their property as a result of the policyholder s negligence … Big dictionary of business and management
liability insurance — insurance against damage which the insured person causes to others, compensation for injury caused to pedestrians or passengers during an auto accident … English contemporary dictionary
liability insurance — A policy or contract of insurance whereby the insurer agrees to protect the insured against liability arising from an act or omission of the insured which causes injury to the person or the property of a third person, the liability of the insurer … Ballentine's law dictionary
liability insurance — noun Any insurance against a potential loss due to the insureds liability for injury or damage to others … Wiktionary
liability insurance — Fin insurance against legal liability that the insured might incur, for example, from causing an accident … The ultimate business dictionary