Professional Liability Insurance
What is Professional Liability Insurance?
Even if you’re an expert in your business, you may make a mistake. And if the client or customer thinks the mistake impacted them financially, you may be sued. Professional liability insurance, also known as errors and omissions insurance, or professional indemnity insurance in some countries, helps cover you and your company if you are found negligent in the professional services you provided.
Is your Business Protected? Mistakes can be costly!
Legal Fee Coverage
If your small business gets sued for an error made working for a client, are you prepared to pay attorney fees?
With Professional Liability Coverage your lawyer fees are covered up to a certain limit amount.
Paying Tax Penalties
If you are an accountant or bookkeeper and make a clerical error that costs a client thousands of dollars, you could be held responsible for the client’s tax penalty.
The tax penalty and any litigation would be covered up to a certain limit amount.
Miss the key moment?
Say you’re a photographer and you miss the photo of the first kiss at a wedding. The bride sues, you pay out of pocket for services not delivered.
Professional Liability Insurance covers you for services not delivered.
Information and Data Loss Protection
You’re a consultant installing software to a company’s computer system. The installed software causes client information to be exposed externally. You could be liable for the exposure of your client’s personal information.
You will be covered for the loss of client information.
Who needs Professional Liability Insurance?
Many types of businesses need professional liability insurance. In some states certain kinds of professional practices are required to carry professional liability insurance. In other cases, a client may require a business to have professional liability insurance as a condition of a contract to do work.
Some professionals that should consider getting coverage include:
- Attorneys and law firms
- Real estate agencies
- Accountants and financial institutions, such as accounting houses and brokerage firms
- Engineers and engineering firms
- Advertising and media firms
- Teachers and educators in private practice
- Educational businesses, like schools and colleges
- Marketing firms
- Cultural organizations, including museums and galleries
- Medical offices and healthcare facilities
- Barbershops and hair salons
- Printing and publishing companies
- Veterinary offices and pet groomers
Have Questions? Call us at 1.800.283.3823