General Liability Insurance

Definition

  • An insurance policy designed to shield businesses and individuals from liability exposure in a wide range of contingencies. Covered exposures can include liability from accidents occurring on insured property, damages from sold products,

Synonyms
protection, security, responsibility, answerability

Related Terms and Acronyms

  • Employers Liability Insurance (ELI) Acronym,
    • Insurance purchased to cover businesses for liability from workplace accidents.
  • Homeowners Insurance Definition,
    • A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Liability Insurance Definition,
    • Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • Loss Payable Clause Definition,
    • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
  • Multiline Insurance Policy Definition,
    • A combination of different insurance policies that are rolled into a single insurance policy.
  • Named Perils Definition,
    • Risks that are specifically listed as being covered in an insurance policy.
  • Professional Liability Insurance (PLI) Acronym, Very Important,
    • Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
  • Renter's Insurance Definition,
    • Insurance that covers renters for liabilities or damages occurring to or within insured property.
  • Wrap-Up Insurance Definition,
    • Liability insurance that covers workers on large-scale construction projects.
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