Karisas Travel is always available to give you information on whatever matters to you. Believe me most times we are being asked about third party liability insurance. This is a term that sometimes confuses too many people and one that has indirect and direct answers based on ones understanding.
Surprisingly it is not as though as people look at it. Below are Primary rundown of what you need to know about third party liability insurance.
THIRD PARTY LIABILITY INSURANCE 1

WHAT IS THIRD PARTY LIABILITY INSURANCE?

Believing that this life doesn’t belong to us, we as well need to be ready for anything that might come across us. Because now, a life changing incident can happen in just a blink of an eye, whether it’s a car crash, an injury in your home or an accident at your place of business. 
But did you know that you could be held financially accountable for an incident (Mistake in accident not caused by you) even if it’s not your fault? That’s where third party liability insurance comes in.
Now this is how you can simply define third party liability insurance: It protects or covers you against unseen actions and, in some circumstances, the actions of others. For example, if you cause an accident while driving, or a friend is driving your vehicle and causes an accident, third party liability insurance would cover the cost of injury/damages to the other driver and/or their vehicle. Here’s how it’s broken down:
First party (1) = Meaning you
Second party (2) = your insurance company
Third party (3)= other parties involved in the incident just as explained above

What Does Third Party Insurance Covers?

It will interest you to know that third party liability insurance only covers the legal, medical or associated costs for others who are involved in the incident, not yourself. If you’ve been found to be directly at fault in a particular incident, you and your property would only be protected,But again, that will only be when you have first party coverage.
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WHO NEEDS THIRD PARTY LIABILITY INSURANCE?

Surprisingly this unique form of insurance is available for both individuals and businesses. It can protect your car, your home and your company in the event of any medical, legal or associated costs related to an incident caused by you or, in some circumstances, someone else such as an employee, family member or friend.`

THIRD PARTY LIABILITY INSURANCE

Businesses Coverage 

Many businesses carry third party liability insurance to cover a wide range of specific risks, including legal fees associated with employee claims, costs associated with injuries sustained by customers, and any claims made against your business’ products or services.

Automobile Coverage 

Let’s say you lend your car to your friend Martins who gets into an accident and badly injures Christy, an innocent bystander. Since it was your vehicle, Christy could potentially sue you and Martins. Third party liability insurance would cover any of medical and related expenses incurred by Christy that you would be held liable for.

Home Coverage 

A similar situation might arise in your home. Say you’re having a party in your backyard. Kim accidentally injures a guest while on your property. Both you and Kim would again be protected by third party liability insurance each under your own homeowners policy that would cover the injured guest’s legal, medical and associated costs resulting from the accident.
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