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What is the difference between general liability and professional liability?

Both general and professional liabilities are factors contributing to risks in a business performance whose presence accrues a business some costs in one way or another. There however exists a big difference in what each represents and how uniquely they impart a business feat in terms of their nature occurrence and settlements models.

General liability refers to the many wide-ranging mishaps that might occur to a third party within a business premise leading to lawsuits amounting to compensations. Just to mention a few, people getting injured within your business premises due to factors such as a slippery floor and who are not your employees members may seek compensations which will cost the business the otherwise profit. In the same manner, properties may get destroyed and thus require repair or replacement all the same. Though rare, injuries resulting from advertising e.g. copyright infringement also fall under general liabilities.

Professional liability stems from professional malpractices such as the errors emanating from bad insurance practices that may lead to making losses enough to attract a lawsuit seeking compensation for losses incurred as a result of in-effective advisory services or products. Notably; neglect of professional responsibilities, breaking contractual pledges, doing shoddy work as well as other errors of omission that would lead to any losses amounts to professional liabilities.

The models of compensation mark another major difference between the two. While general liability attracts costs related to legal expenses such as court fees, settlements, lawyers cost etc, unhappy clients who suffer losses owing professional incompetency will seek to recover their financial losses they accrued due to products and services that are not up to the mark; through lawsuits or other appropriate means.


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