General liability Insurance is a requirement in today’s business environment
Every business needs to protect its assets and investments from property damage, accidents, fires, disgruntled customers or litigious-happy companies that are a part of today’s business environment. So liability insurance should be a part of a company’s prerequisites to do business.
Business liability insurance can take many forms, but there are two general categories of this type of insurance:
- Building & personal property coverage insurance
- Commercial liability insurance
Business and personal property coverage is used to insure all types of commercial property.
Commercial liability insurance provides insurance protection when the insured is legally responsible for bodily injury or property damages related to use of the insured product or as the result of an accident where the insured is liable.
Professional liability insurance: What is it and how does it work?
Every service professional should consider carrying professional liability insurance. According to a recent study by insurance consultancy, U.S. tort costs increased 14 percent in 2001 to $205 billion. Remember that Business Insurance is about managing risks – and unfortunately the risk of a spurious lawsuit being filed against your company are increasing.
Special Note: Professional Liability Insurance is known in some professions as “Errors and Omission Insurance” or “E&O Insurance.”
Professional Liability Insurance is more important than ever. Request a free quote, or read below to find out how it can help you.
Professional Liability Insurance protects you and your business from unfounded lawsuits – safeguarding you and your business from catastrophic loss.
Professional Liability Insurance is a form of supplementary business insurance that augments a Business Owner Policy (including business general liability insurance). Professional liability covers financial losses and expenses generated by client claims of error, omission, or negligence. It also can protect against slander, libel, and breach of contract.
Specialized professional liability insurance is available for many professions, including accountants, architects, contractors, dentists, doctors, engineers, and insurance agents. To be eligible for professional liability insurance, candidates must have proof of licensure in their "covered class of business." These policies also provide your clients assurance that your business (or practice) is licensed and legitimate.
Professional liability policies feature a claim limit and an annual limit, based on the policyholder's liability exposure. The claim limit is the maximum that will be paid for any single event, while the annual is the maximum that will be paid in any one year. Typical limits range from $250,000/$500,000 to $2,000,000/$4,000,000.
Ready to start shopping?
Use the Internet to request a free professional liability quote. Prices for similar policies from different carriers will often vary.
