HEY WHAT IS LIABILITY INSRANCE

Liability insurance is a type of insurance that provides protection to an individual or business against claims resulting from injuries and damage to other people or their property. This insurance covers legal costs and payouts for which the insured party would be responsible if found legally liable. There are various forms of liability insurance, including: 1. **General Liability Insurance**: Covers basic claims related to bodily injury and property damage. 2. **Professional Liability Insurance (Errors and Omissions Insurance)**: Protects professionals from claims of negligence or misconduct in the provision of their services. 3. **Product Liability Insurance**: Covers claims related to injuries or damages caused by products sold or distributed by the insured. 4. **Employer's Liability Insurance**: Protects employers against claims by employees for job-related injuries or illnesses that are not covered by workers' compensation. 5. **Directors and Officers Insurance (D&O)**: Protects company directors and officers from claims related to their decisions in leading the company. Liability insurance is essential for protecting assets and ensuring that individuals or businesses can handle claims without significant financial loss.