Liability Insurance is a part of the general insurance system of financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event they are sued for claims that come within the coverage of the insurance policy. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.
Professional Liability Insurance is coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional liability insurance is purchased by individuals who hold themselves out to the general public as having greater than average expertise in particular areas.
There are many more liability insurance protections available and working with a knowledgeable, proactive agency can save you time and money on your insurance coverage. Bates Insurance Group in Edina's strong market representation and years of experience ensures you are making the right choice for your business insurance needs.