Many types of insurance products are available to protect you or your business against lawsuits.
Auto liability protects you against lawsuits where you are held liable in an auto accident.
In a homeowner's or renter's insurance policy, there is coverage for personal liability. Personal liability coverage would protect you and household residents against liability suits for damages to a third-party by you or your property.
Personal umbrella insurance is just as it sounds, an umbrella of coverage. This very affordable coverage usually "kicks in" when other personal lines product liability limits have been exhausted.
In the business world, commercial general liability is the standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury iability.
Commercial auto liability protects your business and/or drivers against lawsuits where your business is held at fault. Unlike a personal auto liability policy, commercial auto protects claims against your business as well.
Professionals need to look into professional liability insurance, sometimes referred to as Errors and Ommissions (E&O). Professional liability protects companies, their owners and/or workers against claims made by clients for inadequate work or negligent actions.
Commercial umbrella, just like personal liability, is a commercial product that provides an extra layer of coverage over any business insurance policies your business may have in force.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.