This is a question we typically ask customers as part of our discovery-information gathering questions. However, quite often, or clients do not know. At times, even when they think they know, they do not as they were focused on the micro perspective i.e. a vendor requirement, but not the macro perspective i.e. all exposure points.
Case in point, today I was contact by a woman who owns a corporate event planning company. She was in “need of General Liability Insurance.” This need/demand was developed by a venue she wanted to operate out of.
However, in her case she has a far greater exposure to claims from her professional advice than she does from General Liability claims. In fact, even though she generates substantial revenue, she does it off of her cell phone & does not maintain corporate offices.
The likelihood of a slip & fall type claim is minimal.
We ended up constructing a policy that combined both General Liability & Professional Liability coverage on one contract.
The lesson is simple. It is key to review your business along with all associated exposures with a seasoned professional who uses a wide enough angle to ascertain you get the coverage you truly need.
If you want to talk through your situation, contact me directly at 561.287.6279 or email me at firstname.lastname@example.org.