Your organization pays a set amount (analogous to a premium) for each employee based, among other things, on family size, into a special account that is maintained either by you or by the Third Party Administrator (TPA) that administers your plan.
The term comprehensive general liability insurance refers to a type of business insurance that protects companies from liability claims related to their business activities. Comprehensive general liability is usually suitable for medium and large companies in the servicing, manufacturing and processing fields. Continue Reading.
DEFINITION of 'Liability Insurance'. Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.