Definition: In law, Personal and Liability Insurance covers a business when an accident or harm occurs on its premises, equipment or property which could lead to financial loss. It also covers losses arising from accidents caused by employees on duty for the purpose of providing services to clients. The coverage is offered in different formats including personal liability insurance, business liability insurance, and general liability insurance. Personal Liability Insurance: This type of insurance policy provides protection against legal action if a person is injured or dies as a result of their actions. It can cover injuries caused by negligence of the insured party, accidental injury to others, or any other form of legal harm that could happen due to an accident on the premises. Business Liability Insurance: This type of insurance covers losses resulting from accidents or errors in business operations, such as damage done to property or loss of income. It is typically offered when a business engages in activities that are not covered by general liability insurance. General Liability Insurance: This policy provides protection against all types of legal claims and lawsuits related to the conduct of a business enterprise. It covers losses incurred due to negligence of an insured, whether in relation to its property or services provided to clients, and includes personal injury and property damage liability. In summary, Personal and Liability Insurance is a type of insurance that protects businesses from financial loss caused by accidents on their premises, equipment or property, injuries resulting from employees' actions, and losses due to negligence.
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