Business liability insurance,
Definition of Business liability insurance:
Business liability insurance protects the financial interests of companies and business owners in the event that they face formal lawsuits or any third-party claims. Such policies cover any direct financial liabilities incurred, as well as any legal defense expenses. The three main types of business liability insurance are:.
General liability insuranceProfessional liability insuranceProduct liability insurance.
Coverage provided to a business owner against property damage, personal injury, fire damage, and bodily injury.
How to use Business liability insurance in a sentence?
- Business liability insurance protects the financial interests of companies and business owners.
- This insurance protects the financial interests of business-owners from penalties they may face from litigation waged against them while also covering the associated legal costs.
- Types of business liability insurance include general liability insurance, professional liability insurance, and product liability insurance.
- The cost of coverage is influenced by the type of business being insured as well as its location (companies located in flood-prone regions are likely to pay more).
Meaning of Business liability insurance & Business liability insurance Definition