Insurance coverage is not always at the forefront of new business owners’ minds. Part of the reason for this is sifting through insurance options can be time-consuming and confusing, taking you away from more interesting aspects of building your business. One of the matters that can cause confusion for some is the difference between general liability and professional liability insurance. As you conduct your search for Needham insurance, it’s good to understand the differences between the two and how each can play a role in covering your business.
What is General Liability?
As the name implies, general liability covers you in case a third party sustains an injury or property damage because of your business. An example of this is a customer falling and hurting themselves inside of a supermarket. Any claims from such a scenario would be covered by your policy.
What is Professional Liability?
Professional liability coverages will vary depending on your industry. In general, it’s there to protect you in case a third party claims that they experienced a loss because of an error on your part. An example of this is a client filing a lawsuit against a consultant for providing advice that led to them losing money.
General and professional liability are essential aspects of an insurance policy. Work with your Needham insurance agent to build out a policy that meets your needs.