Say you are out on the golf course and feel you just did the best swing of your life. Then behind you someone screams. Yes, you did not just get the ball where you wanted but you hit a bigger target than you anticipated. So, after the medics take your victim to the hospital, your buddy asks you if you have a good liability insurance policy.
Don't worry, if you have homeowners or renters insurance you have the liability insurance coverage that will help take care of the financial issues that may come about from your negligence. That is what the liability insurance is there for: when you become liable for violating the rights of another and the victim can incur losses due to your actions.
It is easy to see why liability insurance is built into many insurance policies including homeowners, renters, and auto insurance. It will help pay the financial damages for you instead of it coming out of your pocket. These damages include property damages, bodily injury damages and personal injury damages such as slander and libel along with defense costs.
In addition, there are some coverages, called Supplementary Payments, that are also included in your liability insurance policy that you may not know about. These include:
Expenses to cover the cost of investigating a claim
Costs for bail bonds
First aid costs to others due to the accident
Expenses due to investigating or defending a claim
Loss of wages if insured has to make a court appearance due to the claim
Understanding your liability insurance is better to do now than later when you may have to file a claim. If you know what coverages you have and types of liability insurance policies you own, you will be able to better handle a liability claim situation. Talk to your insurance agent about your liability insurance coverages so you can learn more about your policies and to see if you have enough liability insurance coverage.
