Essentially, every person needs personal liability insurance, even though it is not mandatory. This is because every person can, without any ill intention, become liable for damage. Thus each person can be taking on major risks. Without a personal liability insurance that assists with the costs of the damages the individual would be responsible for bearing the potentially huge costs by themselves.
Personal liability insurance covers damage that the insured person, as an individual, causes to third parties. This may include property damage and /or personal injury. It does not cover damage to third parties that the policyholder causes in the course of his or her business. Of course, the damage that is intentionally inflicted on a third party is not covered.
Additionally a person can be insured for the occasional (not frequent or regular) driving a motor vehicle belonging to a third-party (i.e., the resulting loss for the vehicle owner) or liability that arises from a part-time activity .
The guaranteed amount varies depending upon the insurance and can cover up to CHF 5,000,000. Those living in the same household as the policyholder who are underage or still in school (up to 25 years old) can be included in the policy.
What you should know about personal liability insurance: • You are responsible for any damage you cause through negligence • In the worst case, the claims can add up against you up to several million francs • Liability insurance will prevent financial ruin. It is therefore essential for every household. • If your policy is older, you should re-insure. The services have evolved in recent years, but the prices will not increase. • Personal liability insurance is relatively inexpensive. Therefore it is worthwhile to not limit the scope of coverage. • Make sure to use a cover that includes failure of an injuring party to be insured. This means you will be covered if you are injured and the person who caused the injury has no liability insurance and cannot pay. • Additional policies should be taken out for property owners or the owners of dogs or horses
Tips about the liability insurance • Do not be frugal with the sum insured • Save with a deductible • Make sure to be protected against those who are uninsured • As property owner, check what additional policies you need • Tenants should be insured also for rented properties • Obtain an animal keeper liability insurance if you have dogs or horses • Select a protection for the whole family • For small children you do not need liability insurance • Make sure that you are insured for damages resulting from complacency actions • Ensure key loss, especially the loss of operational key • Make sure you are insured for loss, when you frequently borrow something from friends • Connect a sports and leisure liability insurance if you have risky hobbies • Check to what extent you are covered abroad