As a business owner, you know you need commercial insurance, but what is the best way to figure out what coverage meets your needs? It can be challenging to start your business, and you still need to iron out details and logistics. You have big ideas that are about to come to life. At August Vincent Insurance Agency, serving Crystal Lake, IL, we are here to help you find coverage that protects your business and meets its needs.
Not all businesses are alike; commercial insurance policy types should be cut to size based on the needs of the business. Two of the most common types are general liability and professional liability insurance.
What’s the difference between general liability vs professional liability insurance?
General liability insurance protects businesses from claims of bodily injury or property damage from third parties, such as customers, vendors, or delivery personnel. This is necessary when you think about brick-and-mortar businesses and establishments.
Professional liability insurance covers different types of professional wrongdoing that do not necessarily require a physical location. For example, it covers a business’s mistakes, errors and omissions, missed deadlines, negligence, or otherwise breaches of contract with a client. A dissatisfied customer could bring a suit against a business.
Some types of businesses may require both types of insurance, whereas other companies may only need one. A freelance editor or journalist who owns and operates a home-based business may not need general liability insurance. Do clients come to their house? These questions can help clarify what insurance your business needs and what could be extraneous. Discuss what’s possible with the August Vincent Insurance Agency, serving Crystal Lake, IL, to ensure the best fit and coverage for the unique situation.
