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Saturday, September 18, 2010

5 Types of Liability Insurance

There are so many different types of liability insurance for you to consider. Depending on what type of business you are in, you are defiantly going to have to get some type of insurance to protect your interests. Here is a look at 5 different types of liability insurance you might need to consider:

1. Cyber liability:
This types of insurance works in a way similar to most other type of liability insurance. It is a third party insurance that will cover court costs and rewards that you would otherwise have to pay if someone wins a court case against you. If you do a lot of computer work, look into this.
2. Management liability insurance:
Most large companies have the risk of being sued. When a company is charged with wrong-doing or negligence, the court costs and the potential rewards, can be astronomically high. This type of liability insurance covers the company in case this happens.
3. Products liability insurance:
This a must if you have a company that make and sell products. This type of insurance will cover you if you are taken to court because of something that has gone wrong with you product causing injury or property damage. Product may have faults or pose potential hazards to the people that buy them, so you need to be prepared for lawsuits.
4. Farm Liability Insurance:
Even if you have the cleanest, most efficiently run farm there is always going to be the risk of injury. Large industrial equipment and machinery present the possibility of injuries to those working on your farm. If you have animals, they might also hurt someone. The cost of medical expenses are crazy high and you might find yourself in a terrible situation if you do not have the proper insurance.
5. Landlord Insurance:
Do you own land? I am sure you have heard stories about crazy renters who throw massive parties or just flat out disrespect the property. If they cause thousands of dollars of damage to the property, you want insurance to cover it. On the other hand, if you or the landlord are at fault when an accident occurs on the premises, you or the landlord could get sued by the person who is injured.
These are just 5 of the the different types of liability insurance you can get. As you can see, you can get insurance for just about any industry you are in. So do your self a favor and do some research about insurance for the industry you are in.
Research different types of liability insurance for your business and the different types of liability insurance policies you can get.

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