Festival Du Cinema Montreal

Posts by Stephen

Different Types Of Insurance

There are many types of insurance and many of these are necessary depending on the type of protection and coverage you need.  Basically, people get insurance to protect their overall interest – which of course is usually on the financial side.  It is the protection from having to pay for something due to claims, damages, repairs, or injuries.

One type of insurance is auto insurance.  This type of insurance is a necessity for every road-going vehicle because it provides the vehicle owner financial protection assistance should his vehicle get involved in a road accident that results in property damage, bodily injury, or even death.  There is even coverage involving car protection involving vehicle theft, theft on personal property inside the car, car damage, as well as ‘acts of God’ insurance type that results in damage to the vehicle.  Of course, you are only protected by insurance if the instance or situation involved is within the coverage of your auto insurance policies.

Another type of insurance is home insurance.  There are a good number of home insurance policies that you may want to consider having as this gives overall protection to your home and you as the homeowner.  Types of home insurance coverage includes dwelling insurance, personal property insurance, other structures, loss of use/additional living expenses, and other additional coverage.  Of course, all of these have different policies involved under them so you would want to get the most ideal home insurance that is ideal for the protection you need.

Professional Liability Insurance is insurance for those practicing a particular profession that provides professional services to people.  Those who need professional liability insurance are medical professionals, healthcare providers, architects, engineers, and accountants.  Clients can sue you for malpractice or on errors and omissions done on your part and many of these lawsuits can be really expensive and may even have your professional license get revoked.  By having professional liability insurance, you get the financial backing of an insurance company.  In fact, they may even provide you with a lawyer if you do not have one.  Basically, professional liability insurance keeps your personal profession protected from the cost of such lawsuits.

What Is Liability Insurance?

When people talk about liability insurance, they either talk about general liability insurance or professional liability insurance.  Both types of insurance fall under as liability insurance yet they are actually very different from each other.  Nevertheless, both type of liability insurance are protection from your source of income – either from business or from profession.

Getting sued by third parties due to negligence, injury, or just total dissatisfaction is something you would not want happening with your source of income.  Not only are they financially damaging, but they can also ruin the operations of your business or profession.  If you are equipped with liability insurance, the financial expense will be covered by your insurance company, provided that the liability claims being made is within your insurance policy.

General Liability Insurance – this type of insurance is the most basic and is the most necessary type of insurance for all businesses to have.  Although there are different policies available under this particular type of insurance, the most common general liability insurance to have is the commercial general liability insurance.  Basically, what this insurance policy does is provide coverage when clients or customers get injured within the business premise.  Depending on the policy and exclusions, it may also provide coverage on damages or injuries incurred by employees while working at a client’s site.

Professional Liability Insurance – this type of insurance is something that all professionals should.  Doctors, medical professionals, healthcare professionals, engineers, architects, accountants, and all those who provide professional services should have this type of insurance as it provides them with the necessary protection against malpractice, and errors and omissions they may have incurred while performing their professional duties.  Any mistake on the part of the service they provide may incur legal actions, particularly if the mistake happens to be damaging, life-threatening, or incurs loss of finances.  Having professional liability insurance protects them from the expenses brought to them by claims and lawsuits.  Not having the protection of this type of insurance may not only lead to staggering amounts of financial loss, but it may also lead to the revocation of the professional license if settlements are not clearly paid for.

When it comes to having a business or practicing a profession, it is important to be equipped with the necessary insurance that provides you with protective coverage against any lawsuits that may be held against you by your clients.


January 2019
« Mar