Restaurant business ownersWhen considering business insurance, one area of concern for many companies is liability insurance. Liability risks are those associated with negligence caused by you, your employees or your company in general. It involves losses suffered by your customers and clients due to interaction with your company or other risks. It is essential for every company to have liability insurance. However, there is more than one type of insurance policy, and you need to have the right level to protect your company from the risks it faces.

There are two main types of liability coverage to take into consideration: general liability insurance and professional liability insurance. Here's how they compare.

General Liability Insurance

As its name indicates, general liability insurance provides coverage for most types of risks that impact a typical business. This type of policy comes into play when someone who does not work for your company files a lawsuit or a claim against it for some type of loss. Generally, it helps cover:

  • Bodily injuries that result from being on your location
  • Damage that you cause to someone's property
  • Injuries caused by advertising, such as libel, slander, copyright infringement and misappropriation

The coverage often includes payment for legal expenses such as settlements or judgments, as well as attorney fees.

Professional Liability Insurance

Professional liability insurance covers costs stemming from lawsuits related to the professional services you offered. It can protect you from third party claims such as:

  • Mistakes or omissions you made
  • Negligent professional services
  • Incomplete work
  • Poor quality work
  • Failure to meet contractual obligations

If you are unsure of the type and the amount of liability insurance your company needs, turn to your insurance agent. Ask questions about the policy options available to you. Find out what your current business insurance includes and excludes. You know your company and employees. While you know you will do a great job maintaining your business standards, mistakes can happen. Liability insurance can be there to protect you if and when these risks occur.

Are you covered? Call Roe & Associates at (843) 740-1723 for more information on North Charleston business insurance.

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