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General Liability vs. Professional Liability
As a business owner, it can be a challenge to figure out what types of liability insurance you need. The right policies depend on the types of risks your company faces.
Big and small businesses both face liability risks, but the type of liability can change based on what you do. For example, a contractor might be liable if something they’ve built injures someone, where a consulting business might be liable for a client’s financial losses if they made a mistake in the advice they gave.
Both of these types of liabilities can lead to a lawsuit. That’s where general liability insurance y professional liability insurance come into play.
How General Liability Differs From Professional Liability
The main difference between general liability and professional liability is in the types of risks they each cover. General liability covers physical risks, such as bodily injuries and property damage. Professional liability insurance covers more abstract risks, such as errors and omissions in the services your business provides.General Liability Insurance Definition and Risks Covered
General liability insurance helps cover:
Bodily injury claims, such as someone getting hurt at your business. This doesn’t include your employees’ injuries, though. Su workers' compensation insurance can help cover their work-related injuries or illnesses.
Medical payments if someone gets hurt on your business property.
Property damage your business or employees cause.
Reputational harm if someone sues you for malicious prosecution, libel, slander, wrongful eviction, privacy violations and more.
Advertising errors if you face a lawsuit for copyright infringement in your advertisement.
Who Should Take Out General Liability Insurance?
General liability insurance is a good idea for most small business owners because it helps protect you from risks you face in many common business situations. This coverage is so important that we’ve bundled it as part of our standard Póliza para propietarios de empresas (BOP).How Much Does General Liability Insurance Cost?
Su general liability insurance cost typically depends on many factors, including your:
- Type of business, because if you’re in certain industries, like construction, you face more risks and may pay more for a policy.
- Years of experience, because businesses that have been around longer usually pay a lower rate than newer ones.
- Location, especially if you’re in an area that has a higher risk of damage from disasters, like storms or floods.
To learn more about your business’ specific insurance cost, get a general liability quote.
Professional Liability Insurance Definition and Risks Covered
Professional liability insurance, also known as errors and omissions insurance, helps protect your business if your client claims financial damages from the professional service that you provide.
Professional liability insurance can help cover business’ legal defense costs:
- If a bookkeeper makes a clerical error that costs their client thousands of dollars.
- If a web developer makes a mistake on a client’s e-commerce site, resulting in missed sales opportunities.
- If an accountant files an incorrect tax return for their client, resulting in a penalty fee.
Who Should Take Out Professional Liability Insurance?
Some states may require certain businesses to have professional liability insurance. For instance, healthcare professionals need medical malpractice insurance, which is a type of professional liability.
You might have to carry small business professional liability insurance coverage if your clients require it when you sign a contract. Regardless of whether you’re required to have it by law, it’s important to get the protection you need with professional liability insurance, especially if you work with clients or customers.
Some examples of businesses that should carry professional liability insurance include:
- Lawyers or law firms
- Consultants or professionals
- Accountants or tax preparers
- Home inspectors
- Technology professionals
How Much Does Professional Liability Insurance Cost?
Businesses can make different mistakes. That’s why the cost of professional liability insurance varies from one business to another. Some general factors that can impact your professional liability cost include your:
- Type of business
- Policy coverage limits
- Number of employees
- Years in business
- Lugar
- Claims history
Find out how much a policy might cost you and how this insurance can help protect your business by getting a professional liability quote. You can also call 855-829-1683 to speak with one of our specialists, who can answer your questions and help you get the right coverage.