When comparing general and professional liability insurance, it’s important to note that the two are very different, even if they seem to be similar. In most cases, they both cover damages to third party individuals and/or companies, and depending on the coverage details, the amounts that they can cover can reach sums of over $200,000.

However, their similarities can’t really hold a candle to their differences, and you’ll be wise to explore these differences, if you want to know which type of insurance policy you should get for your business.

The main difference is that general liability insurance is more “hands on,” offering compensation in the event of a specific occurrence, such as the owner of a home you renovated facing the consequences of water damage resulting from an improperly installed roofing fixture.

On the other hand, professional liability insurance can also have to do with the secondary or indirect problems that someone might have regarding any of the repercussions associated with the services they  bought from you. For instance, if you’re a financial advisor, and your advice led to a person’s loss of capital or property, they may sue you for compensation. Professional liability insurance will protect you in that event, and may also help cover some of the costs.

Make sure you and your business is protected. Call APCO trustworthy insurance experts to review industry insurance standards.

APCO Insurance experts