Liability insurance helps you protect your company and your employees against legal claims arising from injury, property damage, or negligence. Unlike asset -based insurance which protects physical property, liability insurance safeguards the financial integrity and reputation of an individual or an organization from the unpredictable risks. Liability Insuarance can be classified into three, Professional, Statutory and General. Professional indemnity insurance is essential for doctors, lawyers, architects  etc.   protecting them against claims of negligence or errors and omission their professional advice. For the corporate sector arises the directors and officers (D&O) liability insurance, has gained immense importance shielding the personal assets of the management from lawsuits  relating to the breaches of their duty.