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Two Basic Types of Liability Insurance For Consulting Businesses

Are you searching for business liability insurance for your new consulting business? Whether you’re a health coach, business consultant or interior designer, you need to have proper insurance to keep your business covered against potential lawsuits. While there are a number of options specific to your industry, there are two types of coverages you should plan to include in your New Mexico business liability policy.

General Liability

General liability insurance protects your business in case a third party is harmed or their property is damaged as a result of your business activities. Rather than having to pay out of your pocket, your policy will cover any payments towards attorneys, settlements or judgments.

Professional Liability

Professional liability, which is also known as errors and omissions or malpractice insurance, protects you in case a client claims a mistake on your part caused them to experience losses. Doctors and other health professionals are usually required to carry professional liability insurance, but it’s highly recommended for other consulting professionals as well.

You’re going to come across many options when searching for a New Mexico business liability policy. While your agent will be able to customize your policy to meet your exact needs, you should be sure that the coverage you sign up for includes both general and professional liability coverage so that you’re properly covered against potential lawsuits.

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