Professional Liability. The Foundation Of Your Company’s Insurance Coverage.
First off, let’s define the scope of a commercial general liability insurance policy. It protects your company’s assets to the limits of the policy in a civil suit judgment or settlement in which you are responsible for damages, stemming from your company’s role in causing property damage or personal injury.
Mind you, it’s not failsafe. Civil suit damages can be staggering sums, so it’s always a possibility that it’ll exhaust the extent of your particular policy. But the alternative is going without one, which exposes you to the full brunt of the ruling.
General liability insurance is perhaps the single-most comprehensive type of policy you can acquire for your company. So approach it as the foundation of your coverage, supplementing it with other types that are appropriate for your needs, like D&O insurance, which is commonly employed as another layer of protection for business owners and their executives in their defense of regulatory compliance issues. In such an instance, the D&O policy picks up where the general liability coverage leaves off.
How you anticipate needing the coverage will dictate the shape of your general liability policy. If you believe the one policy is sufficient, aim to set the property damage and personal injury limits as high as you can manage. And take note of the exclusions. If you plan on supplementing your liability policy with another that speaks more directly to the nature of your work, ensure, as much as possible, that there aren’t any gaps in the overall coverage.
For a startup or a small business, professional liability insurance can mean the difference between surviving a judgment or settlement and not. So the question isn’t if you need it, but how much of it you should get.
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