General liability and professional liability insurance are similar, but different. Ontario business owners need to learn about the similarities and differences. This information will be provided below for your consideration.
The Similarities
Both insurance policies are similar, because they offer protection to Ontario businesses.
Shielding Against Business Liabilities
Lawsuits ruin businesses each and every year. Both insurance policies are designed to protect against lawsuits. In the event that a claim is filed against your business, both insurance policies will provide you with some degree of protection. In return, that will decrease the impact and keep your business afloat a little longer.
Satisfying Requirements For Contracts
There is a possibility that a client or employer is going to require your business to have a sufficient amount of insurance. They may demand that you have professional and general liability insurance. Otherwise, they will not work with your business.
The Differences
While there are some similarities, there are far more differences. If you own a business in Ontario, you need to learn about the differences. Alternatively, you can get in touch with the agents at ProfessionalsCoverage. We’ll provide you with a full understanding of both insurance options, so you can get the coverage that you need. General liability is designed to protect businesses from physical injuries and property damages caused by daily operations. For instance, a client could walk into your store and slip and fall. Your general liability insurance will protect you in this type of situation.
Professional liability is different. This information will protect from negligence associated with advice or professional services. For instance, there is a possibility that a stock broker is going to provide a client with the wrong advice. Then, they could be held responsible and sued. While the client wasn’t physically harmed, they might have lost out financially. Professional liability insurance will cover your business! Remember that professional liability insurance and E&O or errors and omissions insurance are one in the same.
Start a Quote today
Getting covered as quickly as possible is highly recommended. There is a good chance that you need both coverages. To find out how much you’ll be required to pay or to get covered today, you should contact the team at ProfessionalsCoverage!
