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, since it goes wrong, it usually will involve the next-door neighbour's child.
Business Insurance Companies Norfolk for your car
Regulations requires that you carry liability insurance on your own car. If you fail to show proof of adequate liability insurance, the federal government may suspend your driving privileges and soon you comply with the law. If a police officer stops you for a routine traffic violation and you also fail to provide proof insurance, you may well be taken to jail and your car impounded.
Out there in a large world filled with reckless drivers distracted by children and cell-phone conversations, your auto liability insurance will probably be worth every penny you pay-especially your uninsured motorist protection. Setting aside the legal mandate, think about the practical wisdom of liability insurance on your auto: If you caused just a little fender-bender, you might absorb the costs of the other motorist's medical attention and auto repairs. If, however, the unthinkable befell and you also caused a serious 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 and your body and your car but also your entire worldly assets.
Liability insurance for your home
Your mortgage lender may necessitate that you carry liability insurance in your homeowner's package; but even though it is not required, you need to add liability coverage to the insurance on your home.
Understand that your children define "play" as "colliding with toys and one another at very 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 health throughout routine play, your medical insurance covers the cost of repairing them. Once the obnoxious neighbour's child sustains an injury on your own property, that exact 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 also punitive damages. Judges and juries, wanting 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 own business, your insurance package almost inevitably includes liability insurance, as you desire to protect your employees and patrons from accident and injury while they take care of business. As a disorder of your insurance, your underwriter may necessitate proof that your business complies with all applicable health and safety codes. If time has passed because you conducted a safety review of your worksite, you might ask your insurance broker for assistance, assuring that you meet all of the law's and your policy's requirements.