Definition: The term "license insurance" refers to a type of insurance that protects individuals and businesses from financial loss or liability caused by certain licenses, permits, or contracts. In simple terms, it involves purchasing legal coverage that covers damages or losses incurred during the license's validity period. The licensed entity or individual who is covered is responsible for paying the costs associated with any claims brought against them, including attorney fees, if applicable. License insurance can be important for businesses to protect themselves from liability and expenses related to the licenses they hold. It's designed to help ensure that a company has adequate coverage in case of unexpected situations, such as accidents or disputes over licenses. Some common types of license insurance include personal injury insurance, automobile insurance, construction permit insurance, and professional liability insurance. Each type is tailored for different industries and coverages, so it's important to carefully review the policies available before purchasing a license insurance policy.
closed bracket.
what should be said.