Life insurance is a contract binding a life insurance company to compensate a beneficiary for the death of a person insured. If the insured dies the company will provide a cash payment to the beneficiary. Life insurance is used to protect the economic value of a human life with regards to those who may be financially dependent upon it.
When we think about general liability we think of bodily harm or property damage resulting from accidents, such as slip and falls. However, General Liability goes much further for restaurant owners with product liability – often called Products and Completed Operations Coverage.