Mistakes happen. There is no way around that simple truth in both life and business. While you always strive to do your best for your clients, can you afford to make a business mistake?
Professional liability insurance, also known as errors and omissions insurance, protects your business assets from claims that could arise as a result of advice, expertise, or services provided by your company.
Who Needs Professional Liability Insurance?
Anyone who is expected to have a level of professional expertise in his or her business relations should carry a professional liability insurance policy. If a customer, client, or other party could potentially claim that your false advice, failure to provide detailed information, or services rendered caused them to lose money or be harmed in some way, you are at risk of being sued.
Some examples of industries that carry significant risk for professional liability lawsuits include:
· Career Coaching and Business Training
· Dental Service
· Investment and Financial Services
· Legal Consultation
· Management and Business Consultation
· Occupational Therapy
· Personal Training
· Real Estate and Property Management
· Salon Services
· Technology Services and IT Consultation
· Travel and Hospitality
What Does Professional Liability Insurance Cover?
While policies may vary, professional liability insurance covers an individual or organization for faulty services, advice, or recommendations (errors) and failure to provide services, advice, or recommendations all together (omissions). The coverage will help your organization pay for the legal fees and defense costs, as well as judgments brought against you.
How To Get Covered
Professional liability insurance is considered specialty coverage, and it is generally not covered under business owners’ policies, in-home business policies, or homeowners’ policies. Many companies offer policies that are specifically tailored to industry needs. The professionals at Clemente Insurance will work with you to understand your business and ensure that you have the proper coverage. Contact Your Insurance Experts at Clemente Insurance and Financial Services by calling (888) 995-9098.