What's the difference between general liability insurance and a Business Owner's Policy (BOP) or Professional Liability?
General liability is foundational, covering broad third-party risks like bodily injury and property damage. A Business Owner's Policy (BOP) combines general liability with commercial property insurance, making it a cost-effective package for many small businesses. Professional Liability (also called Errors & Omissions) is separate and covers claims arising from mistakes, negligence, or failure to perform professional services. We can help you determine the best fit for your business.
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Insurance is only as good as the claim. JWR doesn't just sell you a policy and disappear. When disaster strikes, the team fights for you, handles the paperwork, and makes sure you're paid fairly and fast. Their claims support is rated 4.9/5 stars for a reason.
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GENERAL LIABILITY: YOUR BUSINESS FOUNDATION
General liability insurance is the starting point for most businesses—it protects you if your business causes bodily injury or property damage to someone else. If a customer slips and falls at your Casper shop, or if your employee accidentally damages a client's property while providing service, general liability covers medical bills, legal defense, and settlements. It's foundational coverage required by most commercial leases and contracts. Think of it as protection against the basic "somebody got hurt or something got broken" risks every business faces. Most Wyoming businesses need $1-2 million in general liability coverage, and it typically costs $400-$1,200 annually depending on your industry and business size.
BUSINESS OWNER'S POLICY (BOP): THE MONEY-SAVING PACKAGE
A Business Owner's Policy combines general liability with commercial property insurance into one package—and saves you 20-30% compared to buying them separately. It's designed specifically for small to mid-sized businesses like retail shops, offices, restaurants, or contractors. Your BOP covers the liability risks (customer injuries, property damage you cause) plus protects your building, equipment, inventory, and business income if you have to close temporarily due to covered damage like fire or storm damage. For a Casper retailer or Fort Collins service business with equipment and inventory to protect, a BOP makes financial sense. Not every business qualifies—some industries or larger operations need separate specialized policies instead—but for eligible businesses, it's the most cost-effective foundation.
PROFESSIONAL LIABILITY: PROTECTING YOUR EXPERTISE
Professional liability insurance (also called Errors & Omissions or E&O) is completely different—it covers claims that your professional advice, services, or work caused financial harm to a client due to mistakes, negligence, or failure to deliver what you promised. If you're an accountant and a client claims your tax advice cost them money, or you're a consultant and a client says your recommendations caused business losses, professional liability covers your legal defense and settlements. General liability and BOPs specifically exclude these "professional mistake" claims. Architects, engineers, consultants, real estate professionals, IT providers, and anyone selling expertise or advice needs this coverage. It's typically purchased separately and costs vary widely by profession—tech consultants might pay $150-300 monthly while CPAs might pay $200-500 monthly depending on revenue and risk.
Looking for more FAQs?
Even if you operate a home-based business or a small startup in Wyoming or Colorado, general liability insurance is crucial. Unexpected accidents can lead to costly lawsuits that could devastate your business financially. It provides peace of mind and often is required by clients, landlords, or for obtaining business licenses.
General liability insurance primarily protects your business from claims of third-party bodily injury, property damage, and advertising injury. For example, if a customer slips and falls in your Colorado store, or if you accidentally damage a client's property, this policy helps cover medical expenses, repair costs, and legal defense fees.
General liability is foundational, covering broad third-party risks like bodily injury and property damage. A Business Owner's Policy (BOP) combines general liability with commercial property insurance, making it a cost-effective package for many small businesses. Professional Liability (also called Errors & Omissions) is separate and covers claims arising from mistakes, negligence, or failure to perform professional services. We can help you determine the best fit for your business.
If an incident occurs, the first step is to report it to us as soon as possible. We'll help you gather all necessary information about the event, like date, time, involved parties, and any witnesses. Then, the insurance company will investigate the claim, and if covered, we'll work to resolve it, either through direct payment or legal defense. Our JWR team is here to guide you through every step.
General liability insurance has specific exclusions. It typically does not cover professional errors or omissions (you'd need professional liability), injuries to your employees (that's workers' compensation), or damages due to vehicle accidents (commercial auto insurance). Intentional acts, punitive damages, and property damage to your own business's property are also generally excluded.
The cost of general liability insurance varies widely depending on your business type, industry risk, location (like operating near the oil fields in Wyoming), and your chosen coverage limits. A small consulting firm will pay less than a construction company. The best way to get an accurate price is to chat with us for a personalized quote tailored to your specific business needs.