Avante Insurance’s Gaby Dominguez tells you what you need to know about insuring your business!
In this edition:
- What is the difference between general liability and professional liability insurance?
- What is cyber liability insurance?
Watch the video or read the text below.
What is the difference between general liability and professional liability insurance?
The difference between general liability and professional liability is very distinct. On general liability, you’re basically buying coverage to cover the premises that you operate on, the business operation that the business has, for any wrongdoing for bodily and property damage. On the professional liability, you’re covering the errors and omissions that the professional can do in the event that there is a loss. So, sometimes you sell general liability thinking that you are going to cover all the exposures on a professional and you don’t. You must purchase professional liability to cover any errors and omission on behalf of that professional in the event that he does any injury or damage to somebody else.
What is cyber liability insurance?
A coverage that is becoming in today’s environment very important is called cyber liability. An example of cyber liability would be in a law firm where an associate goes out to visit a client and the iPad or computer gets stolen. There is very sensitive information in there that you don’t want to be shared out there. Cyber liability would be the coverage that would protect should that information be sent out or spread out to other people as a result of it being stolen Another example would be any business owner that sends an email to a client and in that email there is a virus and it damages the client’s computer. That would be another example where cyber liability would protect that business owner in case that the client incurs damages.
We hope you enjoyed What You Need to Know About Insuring Your Business:
General Liability, Professional Liability, and Cyber Insurance. Be sure to check out What You Need to
Know About Insuring Your Business:Independent Insurance Agencies,Quotes,Annual Check Ups,New Business Owners,Biggest Company Mistakes,Business Interruption Insurance.