Is General or Professional Business Liability Insurance Necessary in Lone Mountain Village, NV?

When starting and running a business there is a lot of considerations, including insurance. Each company or business is different in what services or products they offer, which will require different types of insurance policies. However, there is one type of policy that every business would be wise to have and that is a liability insurance policy. InsureWise would like to share why every business should have liability insurance.

What is Liability Insurance?

There are many different types of insurance policies that are designed to help protect a business in different ways. Liability insurance helps to protect a business when claims such as negligence, personal or financial loss are made in the course of the business. There are two types of liability insurance. There is professional liability insurance and general liability insurance. Professional liability insurance protects your assets and income if your business is sued. Professional liability insurance will cover the costs that is the result of a defense of a civil claim against the business. A professional liability insurance sounds much like any other liability insurance. However, there is a bit of difference between professional and general liability insurance.

General Liability & Professional Liability Insurance

What does a business need, professional or general liability insurance? The best way to know which type of liability insurance a business will need is to know what a professional liability insurance covers and what a general liability covers. General Liability insurance is a policy that covers the costs of bodily injury, personal injury, and property damage. General liability helps in different situations such as a parking lot accident, a situation where a person slips and falls leaving the office and other injury and property damage occurs on the business’s property. Some examples that general liability insurance covers are:
• A client or guest trips and is injured while on the property or in the building.
• An employee is at a client’s home and caused accidental damage to the client’s personal property.
• Uses an image of a client’s vehicle or property without permission resulting in a lawsuit.
Professional liability insurance covers claims filed against the business and the services they provide. To better understand professional liability insurance, think of it more as a malpractice insurance. When your business provide a type of service, and something goes awry or if you or your business is being sued, your professional liability insurance can help protect you and your business. Some examples of professional liability insurance are:
• A client files a claim against a contractor building for renovation being delayed due to poor management.
• An employee arrives late for an unforeseen reason when they were scheduled to perform a type of service.
• An employee fails to communicate important information to a client or customer that results in loss.

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Depending on the nature of your business, you may only need a general liability insurance policy. For a business that provides service and especially on location of your customers or clients you will want a professional liability insurance policy. If you need help finding that right liability insurance for your business, contact InsureWise and make an appointment today or click here to fill out these quick quote form to get started.

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