I have a General Liability policy for my business. Do I need Professional Liability insurance, too?

I have a General Liability policy for my business.  Do I need Professional Liability insurance, too?

While there may be some overlap in coverage, General Liability and Professional Liability (sometimes referred to as E&O/Errors & Ommissions) policies serve two different functions.

Let’s say you are an accountant. If customer slips in your office and sues, your General Liability policy is your ‘go to’.  This policy will cover costs associated with bodily injury and property damage claims.

But what if you make mistake (hey – you’re human) and miss one little zero, costing a client big time money and resulting in a big time lawsuit? This is when you are going to be very thankful that you have a Professional Liability policy protecting you and your business.  This policy will cover the cost of your defense and any damages arising from claims that your (unintentional) error caused a client financial distress.

Some of the industries that benefit the most from a PL policy include (but are not limited to):  physicians, attorneys, therapists (physical, occupational & counselors), educators, financial service professionals, contractors, and real estate agents.

Still not sure if you need a Professional Liability policy? One of our Commercial Insurance can help you figure out if this kind of coverage makes sense for you. Give us a call at 636.536.2229.

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