Comprehensive General Liability Insurance Cost - Business owners and operators often confuse general and professional liability insurance, asking why they need coverage for one or the other, and in some cases, both.
If you're curious about the difference between general liability insurance and professional liability insurance, read on to learn about the nuances of each, 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 bodily injury claims that occur on your business premises or while using your product; damage to the plaintiff's property; or damages caused by slander, defamation, copyright infringement, etc.
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Most businesses require general liability insurance given the wide range of exposures that a 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 sued, the court costs and legal fees alone can be financially devastating, even if you are not at fault. This is why it is usually recommended that all companies have general liability insurance.
If your company sells a physical product, the general liability policy will cover injuries and damages caused by defective products up to a certain point. You may also consider a product liability policy in addition to your general liability coverage. Product liability insurance can go even further to protect your business from faulty software, faulty buildings or environmental exposures.
A general liability policy is a general policy that covers a wide range of liabilities, but there are restrictions on what general liability will and will not cover. For example, general liability policies tend to specifically 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 insurance.
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Employment practices liability insurance can be divided into three categories: Coverage B, which covers wrongful termination and general harassment, Coverage C, which covers general discriminatory practices, and Coverage D, which covers general compliance issues.
There are some considerations to understand when looking at general and professional liability insurance. Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance policy that protects your business against claims of negligence, carelessness, errors and omissions in the performance of a professional service.
When considering general and professional liability, there are many factors to consider. If you are educated and trained to provide a service or trade, such as a financial adviser, accountant, doctor, lawyer or dentist, you should have professional indemnity. When customers incur financial losses due to inadequate or incomplete service on behalf of your business, you are open to legal action.
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.
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Professional indemnity insurance can cover you if 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 policies you should consider for your business.
General liability can cover your business for a wide range of claims, including bodily injury, personal injury (as a result of defamation, slander, etc.), property damage, legal fees, product liability, and even injuries that associated with manufacturing.
Whether you are a customer, visitor, vendor, or other third party, if a physical injury occurs on or with your company's property, you could face a lawsuit that general liability insurance would protect.
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Professional indemnity insurance, on the other hand, offers protection to professionals who give bad advice, act dishonestly, infringe copyright or misrepresent themselves or their services. If someone experiences 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. Still, there is more to understand for general and professional liability. Continue reading.
General liability insurance is a “claims made” policy, which means that if you have insurance when the claim is made, you will be covered, regardless of when the alleged incident occurred.
Professional indemnity insurance is also a claims policy but has a retrospective date exclusion. This means that if the event giving rise to the claim occurred before the retroactive date of your policy, your existing 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 might expire and should be renewed. If there are gaps in the provision, companies should also look at the coverage of past acts.
Although there are significant differences in what they cover and how they insure it, there are ways in which general and professional liability insurance are similar. Because of these areas of isolation and overlap, many companies benefit from both types of policies at the same time.
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When entering into a contract with a strategic partner, supplier or otherwise, there may be a condition that your company must be insured, either with a general liability policy, a professional liability policy or both.
Some states legally require professional liability coverage depending on the industry or service your business operates. For example, many states require doctors to carry malpractice insurance, a type 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.
For example, if you purchase a general liability insurance policy as a remote contractor, you will have very different levels of risk compared to a grocery store owner.
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Likewise, a contractor who takes out a professional liability policy will face very different costs if their clients are multi-billion dollar companies compared to local brick and mortar stores.
If you're still considering whether you need general liability insurance versus 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 most cases, you may still be open to personal injury lawsuits depending on the content of your website, such as copyright infringement or defamation.
Most industry experts would recommend getting a general liability insurance policy. Even if you think your business has a very low risk of being hit by a lawsuit, check with an insurance broker for more information or to get your general liability insurance quote.
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If you answered yes to any of the above, you should consider exploring your options with an insurance broker and getting a professional indemnity insurance quote immediately. you can tailor a professional indemnity policy to meet the unique needs of your business. In addition, it offers the first fully digital professional liability product, purpose-built 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 those policies protect against, and why businesses buy them. Liability-only auto insurance provides the minimum protection required by your state, making it the cheapest type of insurance. car insurance
Liability only insurance is a good option for drivers who have an older car or who can afford to repair or replace their car at a loss.
State Farm offered the cheapest liability-only auto insurance among the top 13 insurance companies, with an annual quote of just $532. That's 24% cheaper than the average rate of $703. Geico wasn't far behind, with a quote of $667 per year for liability insurance.
USAA is by far the cheapest company for liability-only coverage for eligible current or former members of the military, with rates as low as $437 per year.
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The cheapest liability car insurance companies were often not big names, which shows that some smaller insurance companies can offer very affordable liability insurance. Farm Bureau has an average quote of $472 per year and Erie, available in 12 states and Washington DC, costs $503 per year.
Insurers available in fewer states tend to be cheaper, and some big names like Travelers and Farmers can be quite expensive on average. The cheapest liability insurance for you can vary based on factors such as accident history, credit score, mileage and more.
Collect thousands of quotes from every zip code in every state to find the cheapest options for car insurance minimum coverage. Minimum liability policies include only the coverage required for the state where they are purchased.
When shopping for the cheapest companies for liability auto insurance, the most important thing is to get quotes from multiple insurance companies for the exact coverage you need.
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In other words, just because an insurance company offers the best quotes when buying a full coverage car insurance policy does not mean they will also offer you the lowest rate for a liability only policy.
Liability only car insurance is much cheaper than full liability insurance. Your insurance bill could be cut by more than half by removing the optional coverage: Across
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