Do I need to carry Professional Liability for my business if I already have General Liability Coverage?

While it is important for your business to have general liability coverage for property damage and bodily injury, we recommend adding Professional Liability Insurance to your business portfolio because it insures the people and/or entities of your business from negligent claims made by third parties or even internal sources.

From failure to render a service to malpractice suits, Professional Liability can provide a wide variety of options, such as:

Errors and Omissions Liability (E & O)

E & O covers any mistakes made by employees who work on behalf of your business if your business charges fees for your services. It can include coverage for any errors such as failure to perform or violations of contract. Depending on your industry, your insurance needs will vary.

Directors and Officers Liability (D & O)

Having financial protection for your business’ Directors and Officers can prevent loss in the event that they are held liable for actions related to their corporate positions. This can include anything from conflicts of interest to mismanagement of company assets and violation of laws.

Fiduciary Liability

Fiduciary covers claims that involve the violation of the Employee Retirement Income Security Act, or ERISA. If a manager, for example, violates the financial obligations of ERISA, having the right coverage can protect your company if held liable in situations from imprudent investments to failure to enroll employees.

Employment Practices Liability

With proper insurance, your business can be protected if a worker claims that his or her rights have been violated. This can include violations from sexual harassment and discrimination to violations of the Americans with Disabilities Act (ADA), mismanagement of employee benefit plans, and wrongful termination.