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Understanding Differences in Business Liability Coverage

Understanding Differences in Business Liability Coverage

For new owners, searching for business insurance in Orlando, FL can be a painful activity. All the coverage options and terminology can be confusing when searching alone. As a result, many often choose their provider based on the lowest rates rather than their business needs.

One of the points of confusion in terminology has to do with the difference between general liability and professional liability. While they sound like they cover the same things, there are key differences to note.

General Liability

General Liability covers any lawsuits by a non-employee who claims your business or product hurt them or caused damaged to their property. Some examples where general liability coverage would come into play include:

  • A guest trips on a mat in your office
  • A competitor claims copyright infringement
  • A client’s laptop is stolen from your car

Professional Liability

Professional liability, also known as errors and omissions insurance, is more specific and is intended to cover lawsuits from individuals who claim that they were harmed by your business due to your negligence on your part.

  • Breach of contract
  • Misdiagnosis of an illness
  • Lack of network security

There are many options for business insurance in Orlando, FL. When choosing a carrier, make sure that they have a good understanding of your industry and the type of liability coverage you need to carry.

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