What is Professional Liability Insurance?
Professional Liability Insurance is used to manage the liability that professionals may face as a result of an error or omission while providing their service. Often times called errors and omissions insurance, the terms are used interchangeably in practice to describe the same policy. So how can it help protect your assets? Professional Liability Insurance kicks in when a covered claim is filed against your business for an error, an omission, or negligence. The costs associated with such claims usually include lawyer’s fees, potential damages, and more.
Why do you need professional liability insurance?
General Liability coverage does not cover all the risks associated with your business. If you provide advice or a professional service to clients, then professional liability should be strongly considered. Even a professional can make a mistake. Routine advice that benefited many previous clients can meet the one instance where it fails. A contractor hired for a project may be less qualified than you originally believed.
Eventually, one of your clients will question the quality of your work. If the client decides to escalate the issue into a lawsuit, then you may face an unplanned expense that could jeopardize your business. Even if the claim is frivolous, it may take a defense team to prove it.
How can EINSURANCE help?
Compare professional liability and other insurance packages to help protect your business at an affordable price. Whether you are looking for the bare minimum coverage to meet the PLI requirements of your clients or searching for a long term solution to address the risks associated with your business, EINSURANCE works with the leading national insurers to find what you need.