Benefits of General Liability Insurance
General liability insurance is designed to help individuals from financial ruins if a third part decided to sue the person or organisation at fault for damages. This model applies many types of insurances and it’s offered by most carriers including car insurance companies. In the case of car insurance, it’s required by law in almost all states in the United States.
Liability insurance is a policy with predefined options and limited designed to shield the insured from financial disasters. In the case of auto insurance, general liability insurance takes many forms in different coverage options. Bodily injury liability will pay up to the limit of the coverage if an injury occurred to the insured, passengers and may also extend to third party, if the insured is at fault. This form of general liability will help pay off medical expenses of passengers or third party in case of an accident. If you don’t have BI, which is again a form of general liability insurance, you run the risk of being taken to court for damages. These could mount to hundreds of thousands of dollars and you maybe forced to sell your property or loose savings.
Another type of general liability insurance that’s often found in car insurance policies is third party coverage only. This is the most basic and usually the cheapest coverage available in any auto insurance policy. It’s required by law in most states and it’s designed to cover damages caused to other parties if the accident was your fault.
Without this insurance, that offsets the liability on the insured, the third party can sure the driver at fault for damages. If coverage, the insurance company will pay off up to limit described in the policy. If not, the non-insured who is at fault, will have to pay from their own pocket.
Third party car insurance is a form of cheap general liability insurance that you can purchase from a number of carriers in your state. Each company have their own terms and conditions on those policies and prices do vary. You will need to get quotes from different suppliers along with what’s covered and available add-ons before your can make your mind. Be sure to take your time when buying general liability insurance. Cheap is not always the best and it very recommended you get only the coverage you need. Consult with your insurance advisor if in doubt.
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