subject: The Different Between Professional Liability And General Liability Insurance [print this page] The Different Between Professional Liability And General Liability Insurance
If you own and operate a business in the state of Michigan, you must build a comprehensive insurance portfolio that will protect you against common liability lawsuits. When you are quoting commercial insurance, you will come across two different types of liability insurance Michigan. General Liability and Professional Liability each cover different exposures. While most businesses carry general liability insurance in their business owners package policy, several overlook the importance of carrying professional liability insurance. To understand the importance of carrying each coverage option you must understand how they work. Compare the differences between general liability and professional liability insurance coverage options and invest in the cover you need most.
All businesses have a need for General Liability insurance. General liability insurance will protect your business assets in the event you or your business is found negligent for injuries or damage to a third party. Common claims covered by a general liability insurance plan include bodily injury, property damage, libel, slander, and advertising injury. In order for your policy to pay the claimant must prove that your business was liable for the damages caused. Damages cannot be intentional and must be caused because of a negligent action. The insurance policy will pay for legal defense fees, settlements, and judgments up to the limits stated on the policy declarations page.
Professional liability insurance Michigan is very different from general liability. Professional liability policies are a supplemental form of liability insurance designed for professionals while doing business. If you provide professional services to the community in return for monetary compensation, you have a need for this type of insurance coverage. Some of the professionals with a need for professional liability insurance include architects, mortgage brokers, financial specialists, I.T. professionals, personal trainers, counselors, and many others. If you have received special training or education to provide a service you are held to a higher standard than the typical person. If you make a mistake that causes financial harm to your client then you can be sued for compensatory damages. A liability insurance for professionals will pay for legal defense, settlements, and judgments arising from professional claims.
If you are a business owner providing services you will have a need for both types of liability insurance Michigan. If you do not provide professional services you will not need the later but you will still have a need for General Liability insurance. Commercial insurance companies offer both types of insurance for business owners. If you need both policies, it is recommended to bind coverage from the same company for discounted premiums. Consult a reputable broker with experience in the industry you service and build a comprehensive insurance portfolio that will cover you against financial harm.
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