Everybody knows that lawyers and lawsuits cost a lot of money and being involved in a case could cost you everything! Personal accident insurance malaysia protects you in 3 ways:
Personal liability protects your future and current resources. Available through your renters’ insurance policy, condo insurance, and home insurance, it can offer coverage for your own protection in the event that a lawsuit is brought against you, whether you’re responsible or not. It helps you evade setline legal defense charges out of your own pocket! Personal liability can offer coverage for lawsuits you face as the result of an accident.
Personal liability also offers coverage for you and the members of your household or family (as stated in your insurance contract) for their actions on and off premises. This includes any accidents and even things that may occur as the result of your negligence.
Who Should Apply for Personal Liability Insurance?
As soon as you’re living on your own and responsible enough to mind your actions, you have to consider applying for personal liability insurance. The rates for the basic personal liability insurance are included in the condo, homeowner, and renter policies. Even if you think you have nothing to lose now, your future resources are also at risk if you’re held liable for a property damage or personal injury. You won’t only lose your current homes, investments, and other resources; hence, you have to consider that potential earnings could be improved or future resources could be affected when you lose everything!
How about if you’re wrongly accused of something and are pushed to attend trials even if the accusation is baseless? Liability insurance would pay for the costs of defense and offer a legal representation.
What’s Covered by Personal Liability on Home Insurance Policies?
As an outline, this is a list that highlights what may be generally included in (subject to policy exclusions and definitions which you read more about directly from a representative):
Personal Injury. The insurance company will designate a lawyer to defend you and settle your defense charges. On the other hand, no-fault medical payments to others are the easy way to settle injury claims without a lawsuit.
Property Damage Payments. You cause damage to another person’s property and may stop a lawsuit by using this element of the insurance policy.
Situations in Which You’re Being Held Responsible for Property Damage.
- Damages caused to others by your pets, like destruction of property or dog bites;
- Damages caused to others by members of your household, like the children;
- Damages caused by your workers if acting on your behalf as part of their duties;
- If kids throw their ball at the neighbor’s window and damage it; and
- If the tree falls on the neighbor’s fence during a storm, causing damage.
The potential for lawsuits in your daily lives has increased dramatically in the past years. Think about that according to a study performed by the National Safety Council (NSC) in 2013, one in 16 people experienced an unintentional injury at home that required medical care. This could be covered as part of liability insurance for medical payments to others.