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What’s the difference between general liability and professional liability insurance?

Business Insurance

By Anne Valentino | October 6, 2017

Depending on the type of work you do or business you have you’ll needgeneral liabilityorprofessional liability insurance– or even both! Having the right insurance policies in place for your business can mean the difference between being able to stay in business or having to close your doors should a significant legal issue arise. That’s why it is so important totalk to an experienced brokerabout your needs as far as your business insurance policies are concerned. That said the difference between general liability and professional liability is pretty straightforward. In this article we’ll walk you through both of these types of insurance and advise you on which types you should have for your business.

What Exactly is a General Liability Policy?

General liability as the name suggests covers your business under general circumstances. Almost all businesses are required to carry this type of policy. It’s a way to protect yourself your company and your customers. For example if an employee or customer slip and injure themselves on your company’s property and decide to sue you your general liability policy would come into play to protect you. Let’s say there was some sort of damage caused to another person or company’s property that came as a result of your business’s interaction. Again your general liability policy would cover you here. The general liability policy will take care of legal costs and cover loss or damages in a wide range of situations. You can read more about general liability policieshereandhere.

What Is a Professional Liability Policy?

Unlike a general liability policy professional liabilitycoverage is a bit more specific in nature. Along the lines of malpractice insurance professional liability insurance is intended for damages arising out of rendering or failure to render professional services.

What is meant by “professional?��? P olicy definitions can vary but basically it is someone who possesses or claims to have special knowledge or skills necessary to render their professional service. This is often referred to as someone who uses their training and skills to give advice or counseling. A claim can arise when the advice turns out to be wrong or when their was a failure to perform at a required or expected level of a “professional”

Essentially a customer goes after your business or practice because you did something specifically within the realm of your professional field which caused them some type of loss. Your Professional Liability coverage would therefore take care of the legal expenses and damages awarded that result from this situation.

Which Should I Have for My Business?

What type of insurance coverage you have will depend on your business – the field it’s in its size its location and what you sell or provide. In many cases it is a smart idea to have both policies in place as they can often work in tandem to help get you through an otherwise very costly situation. Even if the accusation is unfounded you will have to front large amounts of money for the legal proceedings. If you’re not sure what policies you should have we strongly urge you totalk to a qualified brokerwho can help you navigate the options available.

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