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Business Insurance

Your company is not immune from threats.

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General Liability Insurance

No single insurance policy covers every risk faced by businesses. As a result, a variety of commercial policies can protect your company from various types of lawsuits and damages that typically occur.
Perhaps the most common type of business insurance, and the one purchased when launching a company, is “General Liability”. As a business owner with an office location that requires your staff to interact with the public, General Liability Insurance will pay for bodily injuries that are business-related, and cover lawsuits for property damage, too. Some landlords may require a certificate of insurance before allowing you to sign a commercial lease; while clients may request your demonstrating proof of coverage in case of damaged equipment.

General Liability Insurance cost variables:

  • Coverage Limits
  • Location of your business (urban vs. rural, different states)
  • Number of employees
  • Industry-specific risk factors (think “flight school” or “animal shelter” or
    “medical clinic”)

Professional Liability insurance

Interestingly, the terms “Professional Liability” and “Errors and Omissions” are essentially synonymous. However, architects, consultants, engineers, accountants, physicians, and attorneys use the former, while insurance and real estate agents, tax preparers, and IT professionals use the latter.

Regardless, E&O (the short version of “Errors and Omissions) is the type of insurance that will protect your business against lawsuits filed by your clients who claim that work performance was somehow negligent, incomplete, or not accomplished to their satisfaction. For physicians, medical providers and others, whose professions are based on their individual expertise, having a policy in place that pays the costs (to your limit) associated with lawsuits filed against your company can be a tremendous saving grace when legal conflicts arise.

Professional Liability Insurance typical coverages

  •  Non-delivered services
  • Negligence
  • Work-related mistakes and oversight
  • Deadlines that have been missed.

Are you in need of assistance when it comes to selecting the right combination of insurance coverage to protect your personal or business needs?

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