Liability Insurance Protects Your Assets
Liability insurance protects you against the nasty consequences of accidents. As you assess your insurance needs, protecting yourself, your loved ones, your home, as well as your car, you need to show healthy respect for Murphy's Law, expecting that whatever can fail will go wrong. And, as it goes wrong, it usually calls for the next-door neighbour's child.
Liability insurance for the car
The law requires that you carry liability insurance on your car. If Business Insurance Companies Norfolk neglect to show proof adequate liability insurance, the federal government may suspend your driving privileges and soon you comply with the law. If a law enforcement officer stops you for a routine traffic violation and you fail to provide proof insurance, you may well be taken to jail and your car impounded.
Out there in a large world full of reckless drivers distracted by children and cell-phone conversations, your auto liability insurance is worth every penny you pay-especially your uninsured motorist protection. Setting aside the legal mandate, consider the practical wisdom of liability insurance on your own auto: In the event that you caused a little fender-bender, you may absorb the costs of the other motorist's medical attention and auto repairs. If, however, the unthinkable befell and you also caused a significant accident with multiple injuries, how will you begin to afford thousands of dollars in medical and rehabilitation costs? This insurance protects not merely your body as well as your body as well as your car but also all your worldly assets.
Liability insurance for your home
Your mortgage lender may necessitate that you carry liability insurance as part of your homeowner's package; but even if it is not required, you should add liability coverage to the insurance on your home.
Take into account that your children define "play" as "colliding with toys and one another at high speeds." Because they become more experienced in their play, they add bicycles, scooters, and skateboards, so that they more easily can perform spectacular impact with the ground, trees, fence posts, and concrete. Once you own children bend, break, and mutilate their bodies in the course of routine play, your medical insurance covers the cost of repairing them. Once the obnoxious neighbour's child sustains a personal injury on your own property, that very same obnoxious neighbour may bring legal action against you for negligence or reckless endangerment. In a civil trial, your more-than-ever obnoxious neighbour may ask not merely compensatory damages but additionally punitive damages. Judges and juries, eager to teach allegedly negligent parents a lesson, may award substantial punitive damages even though it was evil little Johnny Jones's fault.
Other important liability protections
If you own your personal business, your insurance package almost inevitably will include liability insurance, as you desire to protect your employees and patrons from accident and injury while they take care of business. As a condition of your insurance, your underwriter may necessitate proof your business complies with all applicable health and safety codes. If a while has passed because you conducted a safety overview of your worksite, you may ask your insurance professional for assistance, assuring that you meet each of the law's and your policy's requirements.