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General Liability is the most common form of insurance for small businesses, as every single professional is required to have some form of general liability coverage. Coterie offers both standard, year-long policies for small businesses, as well as flexible duration, project-based coverage through our partners.
- Why do you need it? General liability insurance protects you and your small business against another person or business’ claims of bodily injury or property damage. GL can help pay for medical expenses and attorney fees that you are legally responsible for.
- For example: A customer comes by your office and trips injuring themselves. If that customer decides to sue you, your GL coverage will step in to pay for the damages. Your GL coverage does NOT pay for injury to yourself or your employee’s. Liability always pays for “the other guy.”
A Business Owners Policy (BOP) is more versatile and protects both a small business owner’s business and property – all in one package (typically combining General Liability and Property Insurance). This type of insurance for small businesses can reimburse the policyholder for damaged personal property.
- Why do you need it? Most companies mistakenly believe that if they have General Liability Insurance, their own losses are covered along with the losses or accidental harm of their customers. However this is not the case. A GL policy does NOT protect you for your OWN property. This is one of the main reasons why you would need to consider a BOP.
- For example: A BOP would cover many scenarios including if a customer trips on an uneven front step, if an employee accidentally harms a customer’s property, if a product accidentally harms a client, if a break-in happens at the business owner’s property and equipment is stolen, and the list goes on.
Professional Liability (PL), also known as Errors and Omissions, a type of liability insurance that covers your small business for failure to uphold contractual promises in mostly service-based professions.
- Why do you need it? In short, Professional Liability insures the work that you do and the advice that you give. If your work is incomplete, inadequate, or not delivered on time and a client sues you, PL will cover the cost of the lawsuit and any damages that are awarded.
- For example: Professional Liability Insurance is most closely associated with Professional services. Attorneys, accountants, architects, engineers, designers, photographers, financial advisers, real estate agents and other such professions usually need some form of PL insurance.
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