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 period of liability in vehicle insurance?
Period of liability in relation to a Work means a period of six (6) months from the date of Completion, during which the Contractor stands responsible for rectifying all defects that may appear in the Work.
What is the meaning of liabilities in insurance?
What Is Liability Insurance? Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable.
What is a period of insurance?
An insurance policy period is the time frame during which an insurance policy is effective. Most insurance companies offer six-month and year-long car insurance policies; some may also offer month-to-month policies. Policy periods are also important in determining your payment due date.