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
security, responsibility, answerability, protection
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.
