TUESDAY, JUNE 28, 2022
Business owners face many risks, and it may seem difficult to decide which insurance policies best address them. Both general liability insurance and professional liability insurance can provide coverage for lawsuits against your business, but they are written for different types of liability exposures. Often, both policies are necessary parts of a comprehensive insurance portfolio.
The team at Fusion Insurance Agency in Kansas City, Kansas, can help you select the insurance policies that are right for your business. Reach out to us today to get started.
What Does General Liability Insurance Cover?
General liability insurance typically provides coverage if your business is responsible for:
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Third-party property damage.
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Third-party bodily injury.
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Personal and advertising injury (e.g., slander, libel or copyright infringement).
It may provide compensation for damages (e.g., repair or replacement costs for property damage or medical bills for injuries) and may pay legal expenses (e.g., attorney fees, settlements and judgments) associated with these claims. 
General liability insurance usually isn’t mandated by law, but landlords may stipulate that you need it before renting a property, and some licensing bodies may require coverage as part of their requirements.
What Does Professional Liability Insurance Cover?
Professional liability insurance is also known as errors and omissions (E&O) insurance. It can provide coverage for clients’ lawsuits that your professional services caused them financial harm. These claims may regard the following:
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Mistakes
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Oversights
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Negligence
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Incorrect advice
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Breach of contract
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Misrepresentations
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Clerical errors
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Inadequate work
Some professionals may be required to carry this insurance by law, by industry standards or by clients’ requests. Even if it is not mandated, professional liability insurance can provide essential coverage for businesses that provide services or give advice.
Do I Need Both General Liability and Professional Liability Insurance?
Although insurance needs vary, businesses often secure both general liability and professional liability insurance. They can be a crucial aspect of your insurance portfolio and depending on your circumstances, one or both may be required. Contact your agent to discuss your specific exposures and risk profile. We can work with you to help determine which coverages best fit your needs.
How Much Do General Liability and Professional Liability Insurance Cost?
The cost of coverage depends on several factors, such as your business’s location, industry and size. Your claims history and selected policies and limits may also impact premiums.
Get Started Today
At Fusion Insurance Agency we’re here to help you secure the coverage you need. Contact our agents today to learn more about general liability and professional liability insurance. We can discuss options, limits and exclusions while helping you identify the optimal coverage for your business.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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