There are many types of insurance policies that are commonly available ranging from cover of your home, car, business, health, etc. Florida liability insurance is one of the most popular forms of insurance as the annual premium is relatively low compared to other options. Liability insurance policies are often taken out as auto insurance rather than full coverage insurance. The reason is quite simple; a full coverage policy covers your vehicle and the occupants, the other vehicle involved, damage to property as and medical expenses incurred by you or another party, this degree of cover is costly.
On the other hand, Florida liability insurance only covers the losses incurred by the other party, it does provide any cover for you or your property; these are left uninsured and unprotected. This type of insurance is important though as you are protected from being held personally responsible for the injuries and damage incurred by the other party.
Although automobile liability insurance is quite common there are other forms of liability insurance as well, these include general liability which covers a business against third party claims. There is also employer liability, professional liability and D&O liability insurance.
Employer’s liability insurance is more frequently referred to as workers compensation. This liability insurance is mandatory and every business that employees people is legally obliged to carry it. To a certain extent it does protect the employee but in reality it is a type of insurance that protects the employer should an employee be injured on the job or suffer from a job related illness, both of which may be the cause of a law suit against the employer.
Professional liability insurance is akin to malpractice insurance. This type of Florida liability insurance may not be quite as comprehensive as certain malpractice polices in fields such as medicine. The real purpose of professional liability insurance is to provide a degree of protection to those that are seen as experts in their field and may not be protected by general liability insurance as a result of their perceived expertise. Professionals are seen to be held to a higher standard and are, as a result, considered to hold greater liability to his or her clients.
D&O liability insurance is intended to cover acts or omissions of the directors and officers of a company. The whole company should not have to bear the full responsibility of statements, actions or the lack of action on the part of the responsible directors and officers.
