When you’re running a business, it’s important to have the right risk mitigation structure in place. After all, it only takes one slip, or one mistake and a business’ future can be under threat.
Two essential policies for businesses are General Liability (GL) and Professional Indemnity (PI) insurance.
These policies serve different purposes – GL covers against third-party claims for bodily and personal injury or property damage due to business activities, and PI encompasses a diverse range of general professions against civil liability the business incurs in respect of a claim arising from the performance of professional services – and are usually offered separately.
However, combining them under the same product – such as Liberty’s combined GL/PI cover – can offer a range of benefits, including:
Comprehensive coverage
By having a combined cover for GL and PI, you can ensure comprehensive protection against a wide range of risks. Combining these two coverages in a single policy enables you to take a holistic approach to risk management, reducing dual insurance issues and removing the possibility of a risk falling between two separately held policies. Ultimately, avoiding any uninsured gaps between the policies that might exist if you took out the policies separately.
Simplifying your insurance
Having a combined cover also simplifies the process for both the broker and the insured. With one GL/PI policy, you can reduce the admin time needed to place the risk, saving time and effort.
Save money, too
Insurance can be a significant business expense, and by combining cover under one policy you can reduce the cost of insurance, as purchasing two separate policies can lead to higher premiums and administrative costs.
Consolidating GL and PI under a single policy offers businesses the potential for reduced premiums, making it a cost-effective solution for comprehensive insurance coverage.
Streamlined claims process
Claims time is always when the true value of insurance is seen, and in the event of a claim, dealing with multiple insurance providers can be time-consuming and complex. With our combined GL/PI cover, you only need to contact Liberty, and the process begins.
Explore Liberty’s Combined GL/PI cover
A combined cover for General Liability and Professional Indemnity offers numerous benefits for businesses of all sizes and industries. For more information, contact your local Liberty Underwriter.
Click here to find an Underwriter
Liberty also offers standalone General Liability and Professional Indemnity as separate covers.
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