general liability professional liability-Commercial insurance Arizona
General Liability | Professional Liability Commercial Insurance Arizona and Business Insurance Coverage
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A question we hear quite often at Blake Insurance Group LLC is, “Is general liability insurance different from professional liability insurance? If I have one do I need the other?”Also known as Errors and Omissions (E&O Insurance), professional liability insurance is protection for your business from claims of negligence related to a professional service.
Who needs professional liability insurance?
When thinking about business insurance, remember that the kinds of risks businesses face can be detrimental. And the costs associated with these types of threats can be significant. Not only are you ensuring the risk of your business, its property, and employees, but those who come into contact with your company and employees.
Typically, a general liability insurance policy will cover these types of risks. While professional liability insurance will cover risks associated with your business as well, its coverage is more specialized and only applies to certain professions and scenarios.
Small businesses that provide professional services or give advice to clients should consider purchasing professional liability insurance. It provides protection when a business owner is sued for negligence because their work doesn’t meet a client’s expectations.
Professional liability insurance can also be required by a small business’ clients when entering into a contract.
A general liability policy usually insures against claims by a third party alleging bodily or personal injury or property damage. In addition to physical harm or property damage, a general liability policy also covers the legal fees and expenses that come with your legal defense, settlements, and property damages.
Types of coverage.
Professional liability insurance offers a variety of coverage for small businesses including:
• Alleged or actual negligence – Protects a business against actual or alleged errors and omissions when providing professional services, such as giving incorrect advice, an omission, or failing to deliver a service.
• Defense costs – Provides legal defense when a covered claim is reported.
Professional liability insurance can also offer coverage for claims arising from services provided in the past and work performed anywhere in the world.
It’s important to understand that a general liability policy won’t protect against these risks. Get more information on how professionalism differs from general liability
When you start the application process for commercial insurance, make sure to tell your commercial insurance Arizona agent all parts of your business operations, this will help them place you with the right carrier and provide you with proper coverage. Commercial liability insurance can have exclusions for specific activities; you do not want to find out at claim time that you are not appropriately covered.
This isn’t always the case, for example, a doctor would carry malpractice insurance to cover them if they were to give a misdiagnosis.
Other professions where there is a professional code of conduct or standards which are used as a measure for evaluating how your services should be judged carry this type of coverage. When it comes to settling claims, it is all subject to interpretation decided by the courts.
You can find small business insurance Arizona carriers that will cover commercial insurance policies for just about every type of (legal) business. If you are looking for business insurance in Tucson Arizona, Oro Valley, Phoenix AZ. Chandler Arizona. Mesa AZ, Scottsdale AZ, Peoria Arizona, Yuma AZ, Surprise AZ, Ajo AZ, Amado AZ, Arizona City, Avra Valley AZ, Casa Grande AZ, Douglas AZ, Marana AZ, Green Valley AZ, Globe AZ, Oracle AZ, Tubac AZ, Sierra Vista AZ, Tempe AZ, Gilbert AZ, Glendale AZ contact Blake Insurance Group today!
Big or small, having the proper business insurance policy in place could be the difference between keeping your doors open or having to shut down your business. Going without commercial liability insurance is not a risk you should take.
Although business insurance is considered an expense, it is often a tax-deductible expense. Anyone who is thinking of starting a new business or buying an existing business should invest the time needed to research the types of insurance they will need for that business. Again, the very best way to do this is to speak with a reputable agent or broker. Once you have a clear idea of exactly what you will need you can then begin to shop for the best prices.
At the very minimum, you want to make sure that your personal liability is covered by some form of business liability insurance. Ignoring this may cost you everything that you have worked for.
General liability insurance
A commercial general liability policy is important for all Arizona businesses. It covers basic third-party risks, such as slip-and-fall injuries, and is often required for a commercial lease. (GLI) is sometimes called business liability insurance or commercial general liability insurance. Your general liability policy provides financial protection if you are held responsible for some of the most common accidents that can occur at a business, such as a customer injury or damages to someone’s property. It also provides coverage if you are forced to defend an accusation of libel or slander
Professional liability insurance
This liability insurance coverage for professional services helps pay for client lawsuits related to mistakes and oversights. It’s also called errors and omissions insurance (E&O). Coverage for professionals and businesses to protect against claims of negligence from clients or customers. Professional liability insurance typically covers negligence, copyright infringement, personal injury, and more
Cyber liability insurance
This policy helps Arizona businesses survive data breaches and cyber attacks by paying for client notification costs, legal fees, and other related expenses. Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. It’s not a question of if your organization will suffer a breach, but when
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It’s often the most cost-effective type of commercial insurance for an Arizona business. A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage.
Workers’ compensation insurance
Workers’ comp is required for Arizona businesses that have any number of employees. It also protects sole proprietors from work injury costs that health insurance might deny Workers’ compensation insurance covers medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for businesses that have employees. most workers’ compensation policies include death benefits. These help a deceased employee’s loved ones pay funeral and burial costs after a fatal workplace accident.Workers’ comp can also provide financial assistance for the deceased employee’s family
Commercial auto insurance
This policy is required for business-owned vehicles in Arizona. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage. Commercial auto insurance covers legal bills, medical expenses, and property damage if a business vehicle is involved in an accident
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