Third Party Liability Definition & Meaning | Insurance Term | CSIMarket
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Glossary

Third Party Liability

Insurance Term

1. General Liability Insurance: This type of insurance covers damages caused by the policyholder*s business operations, including bodily injury, property damage and personal injury.

2. Product Liability Insurance: This type of insurance covers damages caused by defective products sold by the policyholder, including bodily injury and property damage.

3. Professional Liability Insurance: This type of insurance covers damages caused by the policyholder*s professional services, including errors and omissions.

Third party liability insurance is an important tool for businesses and individuals to protect themselves from legal and financial liabilities. It is often required by law for certain industries, such as automobile and construction, and is also commonly used in contracting and licensing agreements to protect against potential claims.


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