Property and General Liability Overview
Business owners purchase a variety of insurance products. Understanding the difference between property and general liability is an important way to know what you are getting:
General liability insurance protects your business from lawsuits, generally covering injuries and damages caused by you and your employees.
You may think that as a design professional, it's unlikely that you will ever have to face a general liability claim. It is actually one of the most commonly purchased types of insurance for engineers, and for good reason. Accidents do happen, both at your office and your client's sites. It only takes one costly incident to put many small engineering firms out of business.
There is also a good chance your client contracts will require you to carry general liability insurance. Many companies expect all of their contractors to carry this type of insurance — especially those who may spend time visiting the client's offices or potentially hazardous work sites.
Property insurance protects things your business owns by paying to repair or replace damaged items after a covered event. If your office catches fire or you suffer a break-in, this policy can pay for damages and replacement for items including:
- Other business property.
Firms need both of these coverages, as they work together to ensure your business continues to run when an accident or loss threatens what you’ve worked so hard to build.
When it comes to business insurance, our research shows that business owners are looking for coverage that’s just right — not too much or too little. Our coverage options strike the right balance, offering protection that meets the unique needs of A&E clients at a competitive price.