Keep your credibility and reputation intact.
Professional liability insurance (also called errors & omissions insurance) is the coverage you need when you make a living through your expertise. Whereas general liability insurance covers mishaps that can happen to any business owner, professional liability insurance addresses the unique lawsuits experts may face.
Your success depends on your customers’ and vendors’ trust in the services, advice, or counsel you provide. Allegations of misrepresentation, breach of contract, or wrongful business practices can destroy your business.
Who needs professional liability insurance?
Many types of businesses need professional liability insurance. If your business provides services directly to customers, you should consider professional liability insurance.
- IT Professionals
- Real Estate Agents
- Healthcare Professionals
- Legal Professionals
While you’re an expert at what you do and you’d never knowingly make a mistake, there’s always a chance that the advice you offer or the action you take on behalf of a client could go sour. Should you be held legally responsible, you’ll need professional liability insurance. It can help you pay for lawsuits when clients accuse your business of work mistakes, or undelivered or negligent services. Any business, small or large, that provides customers with professional services or advice must safeguard their actions with professional liability insurance.