Should Liability Insurance be Eliminated?

The high cost of liability insurance has made some people believe that this kind of insurance should be eliminated because the cost is too high for the society. Do you agree with it ?

Please make sure you state three reasons why you agree or disagree. I don’t need paragraphs, just genuine reasons for agreeing or disagreeing, and possibly a reference to support your reason.

You do not agree that the high cost of liability insurance should eliminate this kind of insurance.

The three reasons why are as follows:

1. The high cost of liability insurance protects society from being sued for large sums of money.
2. The high cost of liability insurance provides an incentive for people to be more careful.
3. The high cost of liability insurance protects businesses from being sued for large sums of money.

Explanation:

• The quantity of money needed to pay the legal costs involved with a lawsuit is the second consideration. The third element is the amount of money needed to pay the settlements made to the individuals suing the corporation. The fourth consideration is the amount of money needed to pay the judgements handed down to the plaintiffs in the company’s lawsuits. The amount of money needed to cover the insurance premiums that the corporation pays is the sixth component. The needed amount of money to pay the deductibles that the firm pays is the sixth component. The amount of money needed to pay for the costs the business might incur in the case of a lawsuit makes up the seventh component.
• Liability insurance is expensive, which puts a strain on society. Businesses are burdened by liability insurance’s high cost. The individuals who are sued bear the burden of the high cost of liability insurance.
• Liability insurance is expensive, which puts a strain on society. Businesses are burdened by liability insurance’s high cost. The individuals who are sued bear the burden of the high cost of liability insurance. It is difficult for firms to run because liability insurance is so expensive. It is difficult for consumers to get the insurance they need due to the high cost of liability insurance. Liability insurance is expensive, which puts a strain on society.

References

1) https://www.businessinsider.com/why-is-health-insurance-so-expensive-2017-9 2) https://www.investopedia.com/articles/personal-finance/080615/why-car-insurance-costs-so-much.asp 3) https://www.forbes.com/sites/travisbradberry/2016/02/22/the-high-cost-of-losing-a-lawsuit/#54f4ceb67d8b