Covering All Your Bases: General Liability, Business Owner's & Professional Liability Insurance Policies

Today's businesses are becoming smarter about choosing their insurance coverage, because they're facing a higher number of risks than ever before.

Although monitoring daily operations can prevent certain errors, there will still be mistakes, losses and accidents which will occur - so it's crucial to purchase the proper level of insurance coverage.

One policy may not be enough to cover all your bases. If possible, it is recommended to layer coverage with all three of these policies:

1. General Liability Policy
   General Liability insurance (also known as Commercial General Liability insurance, or Business Liability insurance), is the most basic type of business insurance. This coverage protects your business from third-party claims such as, bodily injury, medical costs, and accidental damage to another person’s property. General liability coverage protects your business against claims by paying defense costs and damages - whether an accident is your fault or not, or the accusation is true or without merit.
2. Business Owner’s Policy
   A Business Owner's Policy (BOP) acts as a supplement to a General Liability policy by adding on endorsements for physical assets, such as business equipment, business furniture and accidental damage or lost property for its replacement value. BOP coverage also includes the personal property of others if you are liable for its loss or damage.

   A BOP is often used to protect against these common business exposures, but could also be extended to cover:

   • Office buildings
   • Owned or leased vehicles
   • Electronic data loss
   • Commercial crime
3. Professional Liability Policy
   Professional Liability insurance protects your business from bearing the full cost of defending a lawsuit pertaining to negligence or a failure to perform services.

   Those who provide services for others can make mistakes, overlook information, misstate a fact, be misinterpreted, lose or misplace something, etc. and have the potential to be sued. These risks can be avoided with a Professional Liability insurance policy which protects against allegations such as:

   • Errors, omissions, or negligence or failure to provide a service
   • Violation of good faith
   • Improper documentation
   • Malpractice
   • Misrepresenting facts
   • Non-disclosure
   • Violations of state and federal laws or regulations

   Be sure to consult with an expert for a true assessment of your insurance needs before you commit to purchase all three policies. Contact one of our experienced professionals today - 201-847-9175.