liability coverage
/laɪəˌbɪlɪti ˈkʌvərɪdʒ/ · li.a.bil.i.ty.cov.er.age
noun
- Insurance coverage that protects an individual or organization from financial losses resulting from liability claims, such as lawsuits or settlements. The company's liability coverage helped to mitigate the financial damage from the product recall.
noun
- A type of insurance policy that provides financial protection against liability claims, often required for businesses, professionals, or individuals with high-risk activities. The lawyer recommended that her client purchase liability coverage to protect against potential malpractice suits.
Synonyms
liability insurancerisk coverageaccident insuranceprofessional liability insuranceerrors and omissions insuranceumbrella insuranceexcess liability insurancepersonal liability insurance
Antonyms
Did you know? Liability coverage is often required by law for certain professions, such as doctors, lawyers, and contractors, to ensure that they have sufficient financial resources to compensate for potential damages or losses.