Whether you own or rent a home, own or rent a car or operate a business, you have risk exposures that you should consider protecting with liability insurance.
Liability insurance Newark DE can come as part of a package policy or a monoline policy. Choosing which option is best for you depends on your particular situation and risk exposure.
Liability For Homeowners & Renters
For homeowners or renters, there is liability coverage that is built in to standard policies. While most people think of a homeowner’s or renter’s policy as covering the policyholder’s assets, these policies also provide liability coverage for situations in which the policyholder becomes legally liable.
For instance, if someone invited by the homeowner is injured due to an improperly maintained sidewalk or driveway, the liability coverage of the homeowner’s policy would respond to a claim or suit brought against the policy holder by the injured third party.
Automobile policies also come with liability coverage. The liability portion will respond, for example, if the policy holder runs a red light and damages a vehicle owned by another person. The policy also will respond to liability for injury.
Business Or Commercial Liability
Business policies and general liability policies can also protect individuals and companies from liability. Some of these policies provide coverage similar to a homeowner’s policy (coverage for both assets of the business and liability coverage), while others strictly provide coverage for liability such as the commercial general liability policy.
One important aspect for all insurance consumers to consider is if limits are appropriate. Most policies come with a standard range of limits. Depending on the risk exposure, additional limits may be desirable. If this is the case, umbrella liability insurance may be an option. These policies “sit above” the first layer of insurance and provide extra limits if the first layer of insurance is used.
Liability insurance can be an important component of your personal or business risk management strategy. An insurance professional can help you determine the best policies to meet your needs.