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All businesses need to have some form of liability coverage on their commercial insurance policy. The coverage shields your assets from business-related lawsuits, out-of-court settlements, and rendered jury judgments. While businesses need additional liability protection for property damage and bodily injury, many owners are confused about the difference between general and professional liability coverage. The team at Wayne Realty & Insurance Co Inc. in Goldsboro, NC provides the expertise to identify the most appropriate coverage for your business.
Defining Commercial General Liability Coverage
Commercial general liability coverage is a foundation piece of most business insurance policies. It protects the owner from their business being held liable for a work-related accident that causes bodily injury or property damage. The policy addition covers physical harm to all non-employees, such as a customer who slips on a wet floor and injures themselves. Commercial general liability protects against all damage done to a client’s personal property while working on-site. Finally, this policy includes advertising injury coverage, which protects your personal assets against lawsuits alleging libel, slander, or copyright infringement.
A Glance at Other Professional Liability Coverage
Other professional liability insurance covers all mistakes caused by architectural errors, construction omissions, and negligence by contract workers. Often, the project’s deadline is missed because the finished product is incomplete. The coverage obtains the materials for the necessary repairs. However, to be eligible for coverage protection, professional liability insurance must be active on your business policy. If not, the claim will not be valid. Most standard professional liability coverage excludes bodily injury protection.
Still wondering if commercial general liability is right for your business? The experts at Wayne Realty & Insurance Co Inc. in Goldsboro, NC are here to help. With deep industry knowledge and years of experience, we’ll create a policy tailored to your specific insurance needs. Call and schedule an appointment today.