The Difference Between General, Commercial and Professional Liability Insurance

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Owning an insurance firm comes with a lot of responsibilities. You must set up your business so that it is in compliance with industry standards and can be a competitive player in the market. Once you have done that, you will probably want to protect what you have created. Most owners know that they need general or commercial insurance, but you do not want to forget accountants professional liability insurance as well in order to ensure that your whole business is protected.

General liability protects the individual. It covers damages from physical threat or harm and possibly even libel or slander. Commercial insurance protects against damages that have to do with the actual property itself. It protects your business in case of injury due to safety issues or can compensate you for loss from fire, hail or other damage to the property. Accountants professional liability insurance, however, is specifically tailored to the accounting profession and covers any financial loss you might experience due to error or omission. It can cover legal fees as well as any damages that the court orders to be paid to your client.

Once you have built a strong business, you want to make sure it stays profitable. Professional liability insurance can give you the peace of mind that it will.

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