Commercial general liability coverage is a form of insurance that protects businesses from common risks and accidents during their daily operations. This type of insurance is designed to provide financial protection for a wide range of liability claims, including:
Commercial general liability coverage protects businesses from claims made by individuals who have suffered bodily injury or property damage due to the business’s operations. For example, if a customer slips and falls in your store, your plan covers their medical expenses and potential legal costs.
This protects businesses from claims resulting from non-physical injuries, such as defamation, copyright infringement, or false advertising. If a competitor commits libel or slander against your company, commercial general liability coverage covers the legal expenses..
Commercial general liability policies also typically include coverage for medical payments, which can help cover immediate medical expenses for individuals who are injured on your property, regardless of whether or not your business was at fault.
Professional liability insurance coverage is specifically designed to protect businesses and professionals who provide specialized services or advice to clients. This type of insurance provides coverage for the following events:
In addition to covering damages awarded to the claimant, professional liability insurance also provides coverage for legal defense costs. These costs can include attorney fees, court expenses, and other related expenses.
Professional liability insurance covers claims arising from errors, mistakes, or negligence in the professional services provided. For example, if a lawyer fails to meet a crucial deadline, resulting in financial loss for the client, professional liability insurance can help cover legal costs and potential damages.
Professional liability insurance policies are tailored to specific markets and professions, considering the unique risks and challenges faced by each. This ensures that professionals receive coverage that aligns with their needs and potential liabilities.
The key difference between general liability insurance and professional liability insurance lies in the risks they cover. While commercial general liability coverage protects against general accidents and injuries during regular business operations, professional liability insurance addresses claims arising from professional errors, omissions, or negligence.
Here are some key differentiating factors between these two types of insurance coverage:
Commercial general liability coverage protects against general risks and accidents, including bodily injury, property damage, and advertising injury. Professional liability insurance, on the other hand, focuses on protecting professionals and businesses from claims related to professional errors, mistakes, or negligence in their specialized services.
Commercial general liability coverage is suitable for a wide range of businesses across various markets, such as retail stores, restaurants, and service providers. Professional liability insurance is more specific and caters to professionals in fields like healthcare, law, accounting, engineering, and consulting.
While both types of insurance coverage can assist with legal costs, professional liability insurance is specifically designed to cover legal defense expenses associated with claims related to professional services. Commercial general liability coverage may also provide some legal defense coverage, but it may not be as comprehensive or tailored to the specific needs of professionals.
The limits and deductibles of commercial general liability and professional liability insurance policies can vary significantly. It’s important to carefully review the terms and conditions of each policy to understand the coverage limits and any applicable deductibles.
McGhee Insurance understands the importance of maximizing coverage without maximizing costs. Our team leverages our extensive partnership network to find the right policy for your needs. Learn more about the vendors we have professional relationships with.
A comprehensive insurance policy provides peace of mind knowing what matters most to your company is protected. However, many business owners lack the time to find the best plan for their needs. Partnering with reputable insurance providers is the most effective approach to sourcing your coverage.
As a leading independent commercial insurance agency, McGhee Insurance works with companies across Arkansas to find the best policy that suits their needs and budgets. Our team has experience finding general and professional liability solutions for the following markets:
Banks must have the right coverage to protect the best interests of their clients. McGhee works with financial institutions to safeguard them from lender liability and professional service claims.
With so many individuals visiting car dealerships on a daily basis, owners must have the right general and professional liability plans to protect themselves from accidents.
Onsite injuries and poor workmanship from third-party partners can impact the long-term viability of contractors. McGhee works with clients to protect them from unexpected events.
McGhee Insurance has been helping small businesses across Arkansas protect what matters most since 1999. Our team takes pride in providing outstanding service and cost-effective prices while maximizing coverage. We believe in building long-term relationships with our clients and achieve this by guiding them through the process, maintaining transparent communication, and answering their questions. Contact us today to learn more about our liability insurance services.
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