Professional associations are designed to be support network for their professional members. They’re organized just like any other business however, and as such there are many responsibilities that must be dealt with to keep everything running smoothly each day. Some professional organizations are designed to earn profits as well, but even if yours is not there are still potential risks and hazards that you must be prepared for. Carrying the right types of business insurance is the first step towards making sure you’re fully prepared.
General liability insurance can protect your professional association from suffering severe financial consequences when accidents happen. Whether your company is at fault for the accident or not, you still may have to pay legal fees when claims arise. General liability helps you with these expenses while helping to provide protection to your customers. This insurance provides broad protection so that you’re covered even for those unlikely events that you may have never thought of.
General Liability Insurance Includes:
- Premises Liability – Premises liability is protection for your professional association offices and other business property. If one of your clients is visiting your offices and has an accident that causes him physical injuries, he will need emergency or standard medical care. The bills that arise for that care can be paid for by your premises liability coverage. It also pays for property damages when a customer’s personal property comes to harm while at your business location.
- Products Liability – Products and advertising liability help protect you if problems arise due to products your association sells, or mistakes in your advertising. Defective products can cause your customers to become ill or receive physical harm. Products liability pays for the medical care needed in these instances. On the advertising side, your professional association may have a claim made against it from a competitor, member or customers. This portion of your general liability insurance can help pay for your litigation expenses, and pay for settlements, damages or awards.
- Completed Operations – Your professional association likely provides services to its members. When you have completed performing the contracted services however, it may be discovered sometime afterwards that there were problems. The client may feel that they were harmed physically or emotionally for example. Completed operations coverage can help pay those damages or provide for your legal defense.
Business Owners Policy
General liability insurance is included with another type of coverage known as a BOP, or business owners policy. This coverage is particularly useful for small businesses because it can be tailored to provide just the types of insurance your professional association needs. A BOP provides protection against the loss of tangible and intangible assets, such as your office building and furnishings or your professional computer software. Examples of coverage options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
When you or your employees drive to meetings, seminars or professional events, there is the chance that you will be involved in an auto accident. Business auto insurance can protect you from having to pay medical bills when people are injured in accidents. It also pays for the property damage repairs, and different levels of coverage can protect you from uninsured motorist, theft, fire or natural hazards.
If your professional association has employees on the payroll, you are required by law to carry workers comp insurance. This protects each of your employees from on the job injuries. When accidents happen, workers comp pays for the medical care bills and related recovery expenses.
Commercial umbrella coverage is extra business insurance to protect you above and beyond the maximum limits of your other policies.