Introduction of Liability Insurance
Desk Report | Published: 2021-06-16 21:32:40
A K M Ehsanul Hoque, FCII: Liability for this insurance refers only to the liability acceptable in the eyes of the law. Other types of liability, such as social liability or moral liability are not under this definition.
This insurance bears the liability of damage of property, bodily injury, or death of a third party for the reason of negligence, Errors, and Omissions.
Liability insurance is the most important matter in other countries of the world. The need for this insurance cannot be denied in personal life or business.
Individual awareness and corporate awareness can be liable for the day-by-day increase of popularity and necessity of this insurance.
Different types of Liability Insurance:
- Third-Party Liability
- Employer's Liability
- Product Liability
- Professional Liability
- Pollution Liability
Some example of liability in personal life:
- Attacking or biting the newcomer by a pet dog.
- Damage to neighbor’s property by the housekeeper
- Damaging of paddy or crops of other’s field by the domestic cow.
Some example of liabilities in the business establishment:
- Unintentionally pushes the buyer's property by the driver of a delivery van, such as cracks in the wall, etc.
- The buyer’s hands or feet have broken due to the slippery floor of the shopping mall.