Professional And General Liability »

Professional liability is usually written on a “claims made” basis, while general liability is usually written on an “occurrence” basis. We’re going to break those terms down for you: for professional liability on a “claims made” basis, damages must be made within the active policy period or it’s not covered. Jun 30, 2016 · For example, a general liability policy can protect your business if a customer falls in your store, but a professional liability policy will cover you if a client claims that you made a mistake in providing services.

Apr 16, 2018 · What is general liability insurance? And what is professional liability insurance? Depending on what type of small business you own, knowing what the difference between professional liability insurance and general liability insurance can make a. The general liability policy will cover the legal fees and costs associated with your legal defense, settlements, and property damages. Professional liability insurance, also known as errors and omissions or E & O insurance, covers negligence as it pertains to the professional services you provide. Generally, although not always, it is a claim involving financial damages, versus a claim of physical injury against. Jul 19, 2016 · General liability and professional liability may seem similar at the surface level, but cover very different types of liabilities. The easiest way I think we can illustrate the difference is to first discuss each and what they cover. General Liability Insurance – A general liability policy will cover your business against claims of bodily injury and/or property damage.

Professional liability insurance, also called errors and omissions insurance, can cover lawsuits over professional mistakes, including undelivered services and missed deadlines. Example: A real estate agent accidentally lists a house as having hardwood floors when it really has laminate wood flooring. A provision found in most professional liability insurance policies providing that the expenditure of defense costs associated with a claim reduces policy limits. This approach contrasts with that used in commercial general liability CGL policies, in which defense costs are paid in addition to policy limits. Professional liability insurance helps protect you and your company against a claim that professional advice or services you provided caused a client or customer financial harm due to mistakes on your business’s part or because the business failed to perform some service. Purchasing commercial general liability insurance. You can purchase commercial general liability insurance as a stand-alone policy, as part of a Business Owners Policy BOP or as part of a Commercial Package Policy CPP. Consult with your insurance professional about. According to the insurer, the professional liability exclusion applied to almost any purposeful activity done in furtherance of the insured's business. In other words, the insurer asserted the most expansive view of the professional services exclusion imaginable: Because the named insured was a professional services company, no general liability coverage would apply to virtually any business activity conducted by the.

Travelers Knows Management & Professional Liability. With dedicated policies for private companies, public companies, nonprofit organizations, financial institutions and professional services, as well as managed care organizations, healthcare organizations and community homeowners associations, you'll get the coverage that fits your unique business, responsibilities, and exposures.

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