Liability Insurance

Liability insurance covers the financial cost of founded liability claims by third parties. Liability insurance providers may also assist you in determining the validity of liability claims.

In Switzerland, third-party liability car insurance covering bodily injury to other people or damages to property is mandatory for all vehicles which use public roads. This insurance specifically covers financial liability resulting from the use of the insured vehicle.

Personal liability insurance has much broader coverage. It insures an individual against a wide range of different claims. Example: You are involved in a collision on a ski slope and are found to be responsible. The dentist which you collided with becomes disabled as a result of the accident, and is no longer able to maintain their career. You as the guilty party are liable to compensate them for their total future loss of income in addition to paying initial damages. Personal liability insurance could cover these liability claims in keeping with the terms and conditions.

Because liability suits can add up to millions of Swiss francs, having personal liability insurance can protect you from financial ruin.

Commercial liability insurance or is another form of liability insurance. It insures a business against liability claims by customers and other parties. Professional liability insurance is a form of commercial liability insurance which protects professionals such as doctors, lawyers, or consultants from liability claims by customers. In Switzerland, professional liability insurance is mandatory for many occupations.

More on this topic:
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Insurance: Useful, crucial, and unnecessary insurances

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Expert Benjamin Manz
Benjamin Manz is CEO of moneyland.ch and an independent expert on banking and finance.