If you own a business, then you know how important it is to protect your assets from the threat of liabilities. Luckily, securing an insurance policy covers a lot of those worries so you have peace of mind as you grow your brand. However, it can be confusing to know the difference between general and professional liability. Let’s break it down to make it easier:
Commercial General Liability (CGL): this insurance policy covers many of the common claims you might receive such as bodily injury, other physical injuries, or property damage. Incidents can happen on your premises at any time, so it’s good to have your bases insured. Even if you’re facing real or fraudulent claims, your business may continue to operate thanks to your general liability insurance.
Professional Liability Insurance (PLI): this insurance policy protects individuals or businesses that provide professional advice or services (such as medical or legal). If a client submits a claim of negligence, the policy will help prevent you from bearing the full cost of a lawsuit. It focuses on covering any claims of alleged failure to perform on the part of, financial loss caused by an error or omission in the service/product provided by the business.
In some cases, a business will need both a CGL and PLI policy depending on the services provided. Not sure if that includes your company? Our insurance agent expert will help find the right policy and price for your business needs. Give Burns Insurance a call today!