What is the value of an insurance contract?
The degree of protection an insurance policy offers and the premiums paid to define its value. It is valuable because it provides financial protection against loss or harm.
In exchange for the policyholder’s premium payment, the insurer undertakes to reimburse the policyholder in the case of an insured occurrence. So, the value of an insurance policy is the peace of mind and the financial security it offers.
What are product and public liability insurance?
Product and public liability insurance protect against claims filed by third parties for injury, damage, or loss resulting from using a product or service. Product liability insurance covers claims stemming from the use of a product, while public liability insurance covers claims arising from accidents or injuries on the insured’s premises.
This insurance is essential for enterprises that interact with the general public since it protects against the potential of legal action and its expenses.