If you’re here, you’re probably asking, “What is the difference between general liability and professional liability insurance?”
Business owners often think these terms mean the same thing, but the truth is, they are quite different.
To learn more about these two types of coverage, keep reading.
What Is The Difference Between General Liability And Professional Liability?
There are many similarities between general liability and professional liability insurance. However, the main differences lie in their scope and coverage.
The Difference: Simply put, general liability insurance protects your business from bodily injury and property damage. Professional liability insurance, meanwhile (also known as errors and omissions insurance), protects your business from lawsuits that result from a professional error.
General Liability Insurance Additional Coverage
General liability insurance, in addition to providing protection against personal injury and property damage claims, also protects businesses from advertising injury.
Businesses that are frequent targets of lawsuits due to slander or libel (news organizations are a perfect example) will benefit from getting robust general liability insurance along with some other added protections.
More About Professional Liability Insurance
Now that we know that professional liability insurance protects against claims stemming from professional error, the real question is, what exactly is professional error?
Although the answer here is quite complex, the short version is that workplace negligence, late work, and incomplete work all count.
Professional liability insurance is very useful for companies that deal with a lot of sensitive information, such as banks and law firms.
Recapping
Just to recap and expand upon what we’ve just said….General liability insurance is designed to protect businesses from various risks, including claims of bodily injury, property damage, and reputational harm.
Professional liability insurance, meanwhile, is designed to protect individuals and businesses from claims resulting from professional mistakes.
By understanding these two forms of insurance, business owners can better protect their companies from risk.
General Liability Cost vs. Professional Liability Insurance Cost
General liability insurance and professional liability insurance, although similar in many respects, differ quite a bit in how much they cost.
General liability insurance costs anywhere from $340 per year to more than $600, while professional liability insurance costs around $500 to $1,000 per year.
To understand which of these two insurance policies is right for your business, call us today at our Las Vegas line: (702) 850-7711 or our Memphis number: (901) 306-8100!
Our real estate experts will be happy to help you find the best coverage for your needs.
Find the Right Insurance Plan with Us
Obviously, how much your insurance costs is one of the most important things to consider when choosing your plan.
To help you find just the right insurance plan for your situation, we offer highly flexible payment plans designed to fit your budget.
Business Liability Insurance Coverage
Our insurance plans are multi-varied and cover several areas. Call us at any time to learn more. We are available 24/7.
Why Choose All n One Bonding and Insurance
There are a few reasons why we might be the perfect bonding and insurance company for you.
- We are flexible – As already mentioned, we offer highly flexible payment plans designed to accommodate your needs. Plus, we make the process of finding your plan easy, thanks to our years of experience serving clients.
- We are always available – We are completely committed to your success, which is why our skilled insurance agents are available 24/7 to help you.
- We are very experienced – We’ve been helping people get bail bonds for years and are intimately familiar with how the industry works.