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Business owners and operators often confuse general and professional liability insurance, asking why they need insurance for both, and in some cases, both.
Comprehensive Commercial General Liability Insurance
If you’re wondering the difference between general liability insurance and professional liability insurance, read on to learn about their pros and cons, how they’re similar, and how they’re different.
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General liability insurance is a type of policy that protects your business against claims for bodily injury that occur on your business premises or while using your products. damage to plaintiff’s property; or damages for defamation, libel, copyright infringement, etc.
Most businesses need general liability insurance coverage because of the wide range of risks that the policy will cover. In fact, it is estimated that 40 percent of businesses will face a lawsuit that would be covered by a commercial general liability insurance policy.
If your business is hit by a lawsuit, the court costs and legal fees alone can be financially devastating, even if you’re not at fault. This is why it is generally recommended that all businesses have general liability coverage.
If your business sells a physical product, a general liability policy will cover injuries and damages caused by defective products up to a certain point in time. In addition to your general liability coverage, you may also want to consider a product liability policy. Product liability insurance can go further to protect your business from faulty software, faulty buildings or environmental impacts.
What Does Commercial General Liability (cgl) Insurance Cover?
A general liability policy is a comprehensive policy that covers a wide range of liabilities, but there are limitations on what general liability will and will not cover. For example, general liability policies tend to expressly exclude claims for negligence and injuries caused by the actions of their employees. That’s why many companies choose employment practices liability insurance (EPLI) in addition to product and general liability coverage.
Liability insurance can be divided into three categories: Coverage B, which covers unfair dismissal and general harassment, Coverage C, which covers general discriminatory practices, and Coverage D, which covers general compliance issues.
There are several considerations to understand when considering general versus professional liability insurance. Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance that protects your business against claims for negligence, negligence, errors and omissions in the performance of professional services.
There are many factors to consider when considering general and professional liability. If you are educated and trained to provide a service or trade, such as a financial adviser, accountant, doctor, lawyer or dentist, you must have professional indemnity. When customers suffer financial loss due to inadequate or faulty service on behalf of your business, you are subject to a lawsuit.
What Ever Happened To Comprehensive General Liability Insurance?
Even if you fulfill your duties and responsibilities, if the customer’s expectations are not met or they are not satisfied with your service, you can be sued.
Professional indemnity insurance can cover you in the event that you give bad advice to clients or misrepresent results and outcomes.
There are some differences between general and professional liability insurance that can help clarify which policy or policies you should consider for your business.
General liability can cover your business for a wide range of claims, including bodily injury, personal injury (due to defamation, slander, etc.), property damage, legal fees, product liability, and even manufacturing damage.
Third Party Liability Insurance Types
Whether it’s a customer, visitor, vendor, or other third party, if a physical injury occurs on or with your company’s property, you may face a lawsuit that general liability insurance will protect.
On the other hand, professional indemnity insurance offers protection to professionals who give bad advice, act dishonestly, infringe copyright or misrepresent themselves or their services. If someone suffers financial loss due to a service provider’s errors and omissions, they can sue that service provider, so you should consider professional indemnity insurance if you provide services to clients or customers. However, there is more to understanding general and professional liability. Continue reading.
General liability insurance is a “claims made” policy, meaning that if you have coverage when a claim is made, you will be covered regardless of when the alleged event occurred.
Professional indemnity insurance is also a claims policy but has a retroactive period exclusion. This means that if the event that gave rise to the claim occurred before the effective date of your policy, your current insurance policy will not cover the claim. That’s why it’s important for service providers to be on the lookout for when your policy coverage may expire and need to be renewed. If there are gaps in coverage, companies should also examine coverage in previous acts.
General Liability Insurance Cost: 2023 Customer Prices
While there are significant differences in what they cover and how they cover them, there are ways in which general and professional liability insurance are similar. Because of these areas of isolation and overlap, many companies use both types of policies at the same time.
When contracting with a strategic partner, supplier or otherwise, there may be a condition that your company is covered by a general liability policy, a professional liability policy or both.
Some states legally require professional liability coverage depending on the industry or services your business provides. For example, many states require doctors to carry malpractice insurance, which is a form of coverage under a professional liability policy.
When assessing the cost of general and professional liability insurance, your premium will depend on factors specific to your business.
What Is Commercial Insurance?
For example, if you want to purchase a general liability insurance policy as a remote contractor, you will have very different levels of risk compared to a supermarket owner.
Along the same lines, a contractor who has a professional liability policy will have very different costs if their clients are multi-million dollar companies compared to local brick and mortar shops.
If you’re still wondering whether you need general liability or professional liability insurance, ask yourself a few questions.
You might think that if your customers only interact with your business online, you don’t need a general liability policy. However, in many cases you may still be subject to personal injury claims based on the content of your website, such as copyright infringement or defamation.
James Ralph President James Ralph Agency
Most industry experts will recommend having a general liability insurance policy. Even if you think your business has an extremely low risk of a lawsuit, talk to an insurance broker to learn more or get a quote for your general liability insurance.
If you answered yes to any of the above, you should consider exploring your options with an insurance broker and getting an instant professional indemnity insurance quote. can design a professional indemnity policy to meet your business needs. In addition, it offers the first fully digital legal professional liability product designed specifically to protect law firms from common professional risks and potential legal malpractice claims.
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Let’s break down what types of business insurance policies most small businesses need, what risks these policies protect against, and why businesses buy them. General liability (GL) insurance, often called business liability insurance, is coverage that can protect you against a variety of claims, including bodily injury, property damage, personal injury, and other things that may arise from your operations. commercial General liability insurance quotes generally include:
Learn how these coverages protect small businesses and how much you want to consider for your unique risk.
Progressive Commercial general liability insurance includes a variety of coverages that can protect you against claims against your business.
Small Business Auto Insurance
For example, bodily injury covers your business if a customer slips and falls on your premises or is injured by a falling object.
Covers also include property damage protection, which pays for any damage you cause to other people’s property while you’re at work, and product claims protection, which covers you if your product causes illness or physical injury.
Personal injury and advertising coverage is also available to protect you against claims for libel, defamation or copyright infringement.
The amount of general liability coverage your business needs depends on factors such as your business goals and contractual requirements.
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General liability insurance is often included with property insurance in a business owners policy (BOP), but is also available to many contractors as stand-alone coverage through the Progressive Advantage® business plan.
As a contractor or small business owner, you need some form of liability insurance to protect your livelihood.
An accident can lead to a lawsuit that you may not be able to handle. A good way to protect yourself against this is to make sure you have liability coverage that matches your level of exposure.
Some employers or clients may also demand a certain amount of money from you