If you’re involved in a personal injury case, you may hear the term ‘liability limits’ and wonder what that means. It’s important to understand what they mean and how they impact your case.
What Are Liability Limits?
Liability limits are the limits of liability the insurance provider has for a claim. The policy specifies the limits of coverage, which protects the insurer from significant losses.
Types of Liability Insurance
Not all liability insurance is the same. There are different kinds of liability insurance, each for specific scenarios.
- General liability: This type of coverage pays for the expenses in bodily injury cases and for property damage.
- Product liability: This coverage provides for payment in an injury from a defective product. Businesses often use this coverage to protect them in negligence claims.
- Professional liability: This type of coverage is often referred to as errors and omissions and protects people providing professional services.
- Employer liability: This insurance provides protection to employees who are injured in a situation that isn’t covered by workers’ compensation.
What Not to Do with Liability Insurance
When searching for liability insurance, don’t forget to consider your assets. Think about how much you’re worth. Make sure you know the limits of liability for your policy. You may need additional coverage if the policy doesn’t cover all you own.
You can talk to an experienced attorney to help you get the coverage you need and ensure your policy meets your needs. Blake Jones Law Firm, LLC can help with your insurance requirements.