The word liable means “responsible according to law.” Liability is therefore a legal responsibility. Another definition: It is a duty you have to pay costs and compensation to another party for losses or damage to his property or injuries sustained through a fault or negligence on your side.

Short-term insurance provides cover against the loss of your personal assets (your house, car, furniture) against insured risks (theft, damage, fire.) But, there is more to it—insurance provide cover against possible legal liability.

If you are involved in a car accident and you are found to be the guilty party, the third party (the person in the other car) has a legal right to sue you for the full cost of the damages: you are liable for the damage caused to his car, all his medical costs, lost income, rehabilitative care, and even pain and suffering. If you have liability cover included in your insurance, your insurer will accept the liability on your behalf and pay for your own damage as well as the damage to the third party’s car. Liability insurance cover pays for the claims from the third party, not your own losses (that is covered by your normal insurance premium.)

There are different liability cover policies available on the market for specialized functions such as:

1. Employers Liability
2. Products Liability
3. Defective Workmanship
4. Contractors Liability

As far as legal liability cover included in your household policy is concerned: Someone trips over a loose tile inside your house, falls and suffer severe injuries. You may be accused of negligence and sued for liability.

As with any insurance policy, read the details—what does the liability portion of your contract cover; even more important—what is excluded from the cover. For example, your car insurance, does your cover include passengers travelling with you?

Can you afford to be without legal liability cover?

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