What coverage do you need for your business?

Mar 4, 2021

Do you know what insurance coverage you need for your business?

Insurance coverage can be confusing for business owners. As a business owner, you have so many puzzle pieces to cover and worry about. You have to make sure your business is running profitably. But your business success means nothing when it is not protected. I am talking about insurance coverage that mitigates your risks and protects you from mistakes. In my experience, many business owners are confused when trying to figure out what coverages they need. The question is: When do you need professional liability, which is essentially errors and omissions and/or general liability. What is the difference between them?

Professional liability.

This type of policy protects a company from errors and omissions when doing business. Any company that offers consulting-type services that involve advice and recommendations to individuals or businesses is covered. Examples are real estate agents, marketing agencies, consultancies, and other professional services. 

General liability.

This type of policy protects your business from damages regarding bodily harm or property damage to a business or individual. This is especially important when your business offers repair to equipment like cars or trucks. But the same is true when you are, for example, a chef offering prepared foods.

Both general and professional liability.

In some instances, a business needs both. If the business, for example, provides both consulting services and also repairs equipment or prepares food.

If you are unsure or have further questions on what coverage best protects you and your business, speak with a trusted licensed professional.  You want someone to tell you what is in the best interest of your current business needs without taking advantage of you. 

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