General Liability Insurance

General Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, is a type of insurance coverage designed to protect professionals from claims of negligence or other wrongful acts that may arise from their professional services. This type of insurance is typically purchased by individuals and companies that provide professional services, such as doctors, lawyers, accountants, engineers, architects, and consultants.

The purpose of professional liability insurance is to protect professionals from the financial consequences of lawsuits that may be brought against them by clients, patients, or other parties who claim to have suffered damages as a result of the professional’s negligent or wrongful actions. These damages can include economic losses, such as lost profits or business opportunities, as well as non-economic damages, such as pain and suffering.

Professional liability insurance policies typically cover the costs of legal defense, as well as any damages or settlements that may be awarded to the plaintiff. The amount of coverage provided by a professional liability policy will vary depending on the type of professional services being provided, the size of the business, and other factors.

Overall, professional liability insurance is an important tool for professionals who want to protect themselves from the financial risks associated with providing professional services. By purchasing this type of insurance, professionals can focus on providing high-quality services to their clients, without having to worry about the potential costs of defending against lawsuits.

Contractors insurance

Is a type of insurance policy designed to protect contractors from financial losses and liability related to their work. This type of insurance can provide coverage for a wide range of risks that contractors face, including property damage, bodily injury, and legal claims.

Some common types of contractors insurance include:

• General liability insurance: This type of insurance provides coverage for damages and injuries caused by the contractor’s work, including property damage, bodily injury, and personal injury claims.
• Workers’ compensation insurance: This insurance covers medical expenses, lost wages, and other costs associated with injuries or illnesses that employees suffer on the job.
• Commercial auto insurance: This insurance provides coverage for vehicles used for business purposes, such as work trucks and vans.
• Professional liability insurance: This insurance covers claims related to professional errors or negligence, such as mistakes in design or installation.

Contractors insurance is typically required by law or contract in many states and for many types of projects, especially large ones. It is important for contractors to carefully review their insurance needs and policies to ensure they are adequately covered in case of unexpected events or claims.