What is liability insurance in india

Liability insurance is a policy that offers protection to businesses and individuals from risk that they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs for which the policyholder is deemed to be responsible.

What is an example of a liability insurance?

For example, if a customer enters your flower shop, slips on your wet floor and breaks their leg, your general liability insurance can help cover the cost of their medical bills. General liability insurance does not cover your business's employees.

What is liability insurance explain in detail?

liability insurance, insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses resulting from acts or omissions which are legally deemed to be negligent and which result in damage to the person, property, or legitimate interests of others.

Who are eligible for liability insurance?

It is mandatory under the Motor Vehicle Act 1988 for all vehicle owners in India to have Third-party Liability Insurance. This also applies to commercial vehicles like cabs, transit vehicles, goods carrying vehicles, passenger carrying vehicles, etc.