Professional Liability Insurance, also known as errors and omissions insurance, protects the business you have worked hard to make successful. It is an important tool to have, to safeguard your business should a mistake happen. Professional liability insurance can include coverages to protect your business from claims resulting from negligent acts, errors, omissions or personal injury.
Professional liability insurance is available for a large variety of professions, from law offices to travel agents and even marketing and PR professionals. Most financial planners highly recommend having professional liability insurance, particularly if you are in a business that provides a service or professional opinion. Many professions — like lawyers and CPAs — require you to have Professional Liability Insurance before even allowing you to practice.
Still not convinced you need Professional Liability Insurance? We have some additional reasons:
No matter how seasoned of a professional you and your colleagues are, mistakes can still happen. Sometimes, those errors can result in a lawsuit. The high costs that come along with a lawsuit can put you out of business, and in some cases, even your personal financial security can be at stake.
As your business grows and you take on more employees and hire subcontractors, you can be responsible for any mistakes they potentially make. Professional Liability Insurance will cover not only you, but any employees and independent contractors working on your behalf.
General Liability Isn’t Enough
If you are relying on just general liability coverage, think again. General liability insurance, in most cases, only covers bodily injury, property damage, and personal injury. If you get sued for malpractice, negligence, violation of good faith, or inaccurate advice, just to name a few, general liability insurance won’t cover you.
Still not sure if you need professional liability coverage? Click here to complete a quote request online or call our Professional Liability experts at 800-686-8080 today.