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Understanding Policy Limits
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Professional Liability Insurance Policy
Also known as errors and omissions insurance, it covers claims of professional negligence or failure to perform professional duties.
Health Insurance Policy
Includes out-of-pocket maximums and sometimes has lifetime or annual limits for specific services or treatments.
Life Insurance Policy
Limit is the death benefit amount that the beneficiaries will receive upon the policyholder's death.
Commercial Property Insurance Policy
Protects a business's physical assets from fire, explosions, burst pipes, storms, theft, and vandalism.
Homeowners Insurance Policy
Coverage usually has a maximum limit based on the dwelling's insured value, personal property, and liability.
Disability Insurance Policy
Provides a percentage of the insured's income up to a specified limit if they are unable to work due to disability.
Renters Insurance Policy
Covers the tenant's personal property up to a certain limit and may include liability coverage.
Product Liability Insurance Policy
Covers claims arising from harm caused by a company's products, with specific limits per occurrence and aggregate limits.
Umbrella Insurance Policy
Provides extra liability coverage that goes above and beyond the normal limits of auto or homeowners policies.
Auto Insurance Policy
Typically includes liability coverage limits per person, per accident for bodily injury, and property damage.
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