For Businesses: General Liability Insurance and Professional Liability Insurance
In this blog post, we walk through examples of cases in which a business needs Professional Liability Insurance coverage in addition to General Liability Insurance coverage.
As a business professional or owner, you’re no stranger to the fact that your business can be liable for various risks and this policy covers general damage scenarios, such as property damage or accidents that happen on a nonprofit’s property.
At Concannon, we always recommend General Liability coverage to our clients that are business owners.
An important complement to General Liability Insurance is Professional Liability Insurance coverage. Also known as Errors and Omissions (E&O) Insurance or Malpractice Insurance in certain professions, Professional Liability Insurance coverage helps companies to mitigate their risk against errors and omissions in the delivery of their professional services.
Let’s take a look at the types of risk each type of insurance covers:
General Liability Insurance
This covers general damage scenarios and physical risks -- think bodily injuries, accidents and property damage. With this, your organization will be covered for accidents or damages that the organization is ordered to pay someone (for instance, if a supplier falls on your property).
This coverage can also protect your organization’s assets if sued for personal injury, negligence, slander, and more. We would recommend this to all business owners.
Professional Liability Insurance
This covers risks that are not necessarily physical, like an error in the business services provided, negligence, or copyright infringement. It can include coverage for damages caused by things your employees did, or should have done, and can help cover your settlements or court costs, which otherwise would be very expensive for your organization.
Generally speaking, we highly recommend this to organizations that provide professional services, advice to clients or a contractual service, i.e. consultants, engineers, accountants, nonprofits, technology services, medical professionals and more.
Remember, we are here to help you think through all possible scenarios where you may need coverage to protect your business.
The best way to assess if this coverage is right for you is to give us a call and schedule a consultation. Once we have a better understanding of your unique situation and risks, we can make a tailored recommendation for the coverage that best suits you.
When you consult with us, we can walk you through some common risks and challenges your business could face and tailor coverage to help protect your organization from them. Contact us to schedule your consultation today.
Give us a call at (636) 537-5611 or email us to talk through the best coverage and plans for you and your business.
