13 Jan General Liability is it enough
Is General Liability enough?
That question has no one answer that I can give you right now. Insurance is a like a snowflake everyone’s situation can turn out a little different, some situations call for different policies. If you offer a professional service or are giving advice in addition to selling a service or product? You may also want to look into E&O insurance. Are you doing designing a product that could cause a glitch or error in my services leading to your client having a loss? Then you could look into Professional Liability policy.
There are several things to look for in a Professional Liability policy. Make sure you inquire if defense is inside or outside the limits? Often times legal fees can eat up most of the limits and you may not have enough money left in the policy if there is a settlement. When defense is outside the limits, you will have your entire limit to pay a settlement. Make sure you know if your policy excludes bodily injury? Some policies will exclude claims if someone gets hurt from something you advised. A Professional Liability policy usually has more exclusions; so make sure you are reading the small print and you address your concerns before binding the policy. Companies may be able to include instead of exclude certain parts in a policy if it means what is best for your business.