Two Key Liability Coverages For Small Businesses

Liability coverage is an absolute must for your new insurance policy. While there are several types of liability coverage available depending on your industry, the two that serve as the foundation for most policies are general and professional liability. Here’s is a brief description of each of these key coverages offer.

General Liability

General liability coverage is probably the most popular form of business insurance coverage. As the name implies, it’s generic in nature in that it covers most cases where a third-party sustains bodily injury or property damage because of your business. This can include a client falling in your office or their car getting dinged in your parking lot.

Professional Liability

Professional liability insurance goes by several names depending on your industry including malpractice insurance and errors & omissions insurance. It covers your business in case a third-party claims that a mistake on your part led to them experiencing a loss. Doctors and other medical professionals are often required to carry this form of liability, but it’s highly recommended for other industries ranging from interior design consultants to manufacturers.

Professional Liability

Professional liability insurance goes by several names depending on your industry including malpractice insurance and errors & omissions insurance. It covers your business in case a third-party claims that a mistake on your part led to them experiencing a loss. Doctors and other medical professionals are often required to carry this form of liability, but it’s highly recommended for other industries ranging from interior design consultants to manufacturers.

Your professional and general liability policies will cover the legal fees and expenses for which you’re found liable up to your coverage amount. Be sure to work with an experienced agent to craft a policy that meets your needs.

Please follow and like us:
error