Why Do You Need a Well-Designed Liability Insurance?
A well-designed liability insurance can protect your rental property from natural disasters or man-made damage such as fires, tornadoes, earthquakes, storms, burglary, and vandalism. It can also reduce your risk of damage liability.
When you and your employees fail to take reasonable and prudent protective measures and cause personal injury or property damage, the victim may request you to take responsibility. When your property has defects and causes damages, the victim may also ask you to pay for their personal damages. You may have to compensate the victim for medical expenses, salary losses, mental damage, etc., and you may also have to pay for the relevant legal fees. However, if you have a comprehensive liability insurance, a large amount of the compensation fees you need to pay to the victim will be covered by insurance.