General Liability and Professional Liability
Professional liability insurance is additional coverage which many professions add to their general liability insurance package to protect themselves and their business from claims of negligence either from clients or patients. It is also called professional indemnity insurance. Professional liability insurance may hold different names like malpractice insurance for physicians, nurses, dentists, and chiropractors to name a few in the medical profession. Professionals who do medical testing and lab work also fall into this category. Other professions like insurance, realtors, appraisers, and consultants may purchase professional liability insurance known as Errors & Omissions or E&O insurance.
E&O coverage is often written specifically for the industry in which it is being placed. For example, with the growth in the technology arena, technology companies, developers, website hosts and creators, software development may all have specific E&O coverage written specifically for their type of business. Additional coverage such as personal injury, breach of warranty, intellectual property, a programming error, performance, and other coverage types can be added to any business which provides a service or offers advice and opinion for greater protection.
The primary reason for adding professional liability insurance is that the general liability insurance normally covers only personal/bodily injury and property damage while conducting normal business. In the technology sector, many lenders and investors will require this coverage. For example, a software recommendation which causes a client to lose business is not covered in this type of policy, but E&O would provide coverage. This coverage would also cover legal and defense fees and judgments and settlements. This coverage can also protect your company in the event a sub-contractor is alleged to have caused damage to your client.
Talk to your licensed insurance professional and check to see if general liability insurance is sufficient or if professional liability insurance should be put in place for you and your business. Always check for resources available from the state.
Don’t assume you’re covered without asking the advice of your agent.
Top Insurance Markets in New Jersey
We have created a list of the top ten insurance markets in New Jersey. These markets can benefit from general liability, professional liability, workers' compensation as well as other insurance coverages.
1. Construction - Artisans | Handyman | Roofers | Landscapers | Electrician's | Remodelers and more
2. Technology - Consulting | Programming | Repair | Website | Software | Hosting and more
3. Retail - Gift Shops | Florist | Clothing | Jewelry | Specialty Shops
4. Office - Marketing | Advertising | Dr. Office | Professional Services | Insurance and more
5. Beauty Salons
7. Consulting | Tech Consulting | Business Consulting
8. Auto Repair Shops
10. Transportation | Long Haul Trucking | Tow Trucks | Dump Trucks
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