Professional Liability Insurance
Professional Liability Insurance
While every business carries physical risks, some professions can be held liable for damages for less tangible incidents. Professional liability insurance, sometimes known as errors and omissions insurance, fills the need to protect your business from mistakes, errors, and damages caused by your professional services.
Professional Liability Insurance Coverage
In the course of doing business, you or your employees can make a mistake with your clients or business partners. The result could be a lawsuit which determines you are legally liable for the damages caused by this mistake. Some examples may be:
- A clerical error by an accounting company, resulting in a client losing thousands of dollars.
- A medical malpractice or error which leaves a patient with additional medical expenses or reduced quality of life.
- An architectural firm completes a design which is unsafe or fails to meet appropriate standards.
In the event your business provides a service which leads to financial damages directly or indirectly, professional liability insurance is the only type of coverage which can help. General liability insurance will not apply in these cases, as it is distinctly only for physical damages like bodily injury or property damage.
Professional liability insurance will not cover incidents related to illegal acts, intentionally wrong acts, harassment, or incidents covered by other types of insurance like general liability insurance.
Who Needs Professional Liability Insurance?
Any business or service that prides financial advice, medical care, or are contracted to complete specific tasks are all likely to need some degree of professional liability insurance.
If you have questions or are unsure if professional liability insurance applies to your field, contact us and we can walk you through the nuances of this insurance and what might be your best options.
Request A Professional Liability Insurance Quote
Get started with a quote, then work with our expert team to customize the right plan for your business.
Report A Claim
Do you need to report a claim? Our dedicated claims specialists are standing by to help!
Find out about our claims process, who to contact, and how you can receive afterhours claims assistance.