The oil leak in the Gulf of Mexico is the worst in US history, but according to the Wall Street Journal it won’t lead to huge insurance claims. But that doesn’t mean insurance companies won’t hike premiums. Experts predict the oil leak will cause losses of about $611 million for insurance companies. But as the oil leak continues to gush, that number could rise. Zurich-based insurance company Swiss Re has been the hardest hit by the oil leak and estimates that it will cost about $200 million. Experts say just 20% of the losses stemming from the oil leak are covered by insurance companies. BP will take the largest hit and officials say the company self-insured the risk instead of purchasing liability insurance.

Besides BP, other victims of the oil leak include fishermen and businesses involved in the tourist industry. “In our view, potential business interruption claims represent the largest unknown for insurers,” Moody’s said in a Wall Street Journal report. A hurricane hitting the gulf could make one of the worst disasters in US history even worse for the insurance industry. “Depending on the strength and track of the hurricanes, vast amounts of the existing oil slick and dispersant agents could be captured by the storm and driven well inland by the storm surge,” said Alex Sosnowski, senior meteorologist at Accuweather in a GreenBusienss.com report.

Experts predict that insurance costs for oil rigs will jump, as will prices for offshore energy liability insurance because insurance companies are expected to reevaluate the risks of drilling in deep waters. According to GreenBusiness.com those rates could rise up to 50 percent. Officials say the oil leak could also drive property insurance premiums up by 15 to 25 percent for shallow offshore projects.

You need to protect your business from the possibility of lawsuits. With the currently raised rates on liability insurance, you need to make your search for the right small business liability insurance a studious one.

You need insurance to protect you from all the car accidents and other unfortunate events that can happen in life and there are many different types of insurance available. If you do not have at least liability insurance coverage then you could find yourself in a lot of trouble. You could face bills that you cannot pay, and you could even have the wronged party coming after all your assets. These two kinds of liability insurance protect you in certain circumstances that are your fault.

In today’s sagging economic climate, many people are looking for ways to cut corners on their costs and save money, especially those of us who are attempting to rebuild our credit.

Most states require anyone who owns and drives a vehicle to have liability auto insurance. Perhaps this is why liability insurance is the foundation of insurance policies in most states in the USA. What does liability insurance do?

If you have an accident and it is determined that you are at fault, it will pay for any sort of physical injury and medical expenses and for any damage to the property of the other people in the accident. This includes repairing or replacing the items you may have damaged or destroyed in the accident. Liability insurance does not pay for your own car’s damage, your injuries and/or your property damage. It will pay for the legal fees for you and also for anyone else who is included on your policy. It will also pay to bail you out of jail if things get a bit testy at the accident scene!

For new drivers, the first challenge they face is locating affordable automobile insurance. There are many car insurance companies on the market that are available to provide various types of coverage at competitive rates. Yet, there are two basic types of insurance coverage that are chosen by motorists. They are liability and full coverage. These are the types of policies from which other specific policies are created, based upon the needs of the individual. The question many have is whether one is better than the other is.