Is General Liability the same as Errors and Omissions or Professional Liability? No. General Liability looks to cover bodily injury and property damage for your business operations. Professional Liability is there to protect you when being sued by your client from your professional services for such things as financial loss, breach of contract, misrepresentation of product/service or failure to perform.
Can I try to renegotiate my contract to lower the insurance requirement limits? Yes. It’s a good idea to go back to your client, explain the size of operation your company consist of and discuss lowering the insurance requirement limits for the contract.
How can I reduce my business insurance premium? Discounts could be applicable concerning the policy such as drugfree workplace and experience modification for Workers Compensation policy. Also increasing the deductibles could help in reducing your premium.
Is Non-Owned/Hired Auto Coverage the same as Commercial Auto Insurance? Non-owned/hired Auto coverage is more of an endorsement that can be added to a Commercial Auto Policy or General Liability Policy. Non-owned/hired auto coverage provides liability (bodily injury and property damage) for vehicles you hire such as rented and borrowed vehicles and by non-owned vehicles such as vehicles owned by your employees. Protection may not include loss or damage incurred by the hired or non-owned vehicle.
Is Cyber Liability important for a Tech Firm? Yes. Cyber threats are increasing every day including cybercrime and extortion. Companies can be left with much upheaval from one cyber breach such as loss of confidential information, notification of said loss, damaged reputation and governmental fines.
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