Errors And Omissions Vs Professional Indemnity for Insurance Agents 

A comprehensive general liability refers to a business insurance policy that covers for customer injuries, property damage, or lawsuits in relation to both the events. If you are a business owner then we suggest you to get this coverage through an insurance broker and protect yourself from any sort of mishaps. Also, comprehensive general liability protects against bodily injury and property damage claims that arises from operation of contractors or tenants. You can learn more about avoiding errors and omissions once you are an accredited advisor in insurance. With the help of this blog, you can know the difference between errors and omissions vs professional indemnity thoroughly. 

    errors and omissions vs professional indemnity

    Coverages of Comprehensive General Liability Through an Insurance Broker 

    Comprehensive general liability or general liability is important for small business owners because it protects them from many liabilities claim such as:   

    • Third-party bodily injury: If an individual injures themselves on your property  
    • Third-party property damage: If you damage other people’s property while working for them.   
    • Advertising injuries: Advertisements put out by your workers which are similar to that of a competitor.   
    • Reputation harm or personal injury: If you are liable to claims such as misleading advertising or slander then this helps you pay for legal expenses. .

    Factors Affecting Cost of CGL Insurance

    An independent agent or captive agent will try their best to get you the best deal possible. However, there are some general factors that affects the cost of getting this comprehensive general liability insurance. When you get an AAI designation, you can sell CGL insurance better. These factors help you determine how much you should pay; they are:   

    • Industry’s risk   
    • Size of the company   
    • Location of your company   
    • History claims   
    • Limits of your coverage   

    Things not covered in this insurance policy

    There are some claims that doesn’t apply to your general liability insurance quotesAlso, you can read some insurance blog and educate yourself better on it. Some of the instances are as follows:   

    • Bad financial advice from your employees, landing you in a big lawsuit. Hence, you need a professional liability insurance to get this coverage.   
    • Hackers stealing your data and personal information of your customers and employees. Also, you would need a cyber liability insurance for this coverage.   
    • Your employee causes a car accident while driving the company car. Therefore, a commercial auto insurance helps cover for this circumstance  
    • A neighboring fire spreading to your building and causing you to shut down for repairs which can be weeks. Hence, a business income insurance helps you pay for the lost income.   
    • Your worker injures themselves or needs medical attention during working hours. For this, you need a workers’ compensation insurance to pay for their medical bills   

    If you want to know for sure if getting a comprehensive general liability insurance through an insurance technology is the right thing to do, then contact us for more information. You can also learn more on p&c insurance terms and definitions from this blog. 

     

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    accredited advisor in insurance