Professional Liability Insurance
When owning a business, it’s critical to have the proper protections in place if any claims are filed against the company. That’s where insurance policies like professional liability insurance come in. Professional liability insurance combined with various types of insurance policies will ensure that your company is as protected as possible.
What Is Professional Liability Insurance?
Professional liability insurance is a type of business insurance that protects you if a client files a lawsuit over an alleged error or bad advice. You might also see it referred to as errors and omissions insurance.
Who Needs Professional Liability Insurance?
Any business that provides a service to clients for a fee should consider obtaining professional liability insurance because it helps protect an organization from costly legal fees and settlement costs. Examples of such businesses, careers and industries may include the following:
- Accountants
- Engineers
- Educators
- Landscapers
- Marketing firms
- Website developers
- Consulting companies
- Hair salons
- Printing and publishing companies
- Veterinarians
- Pet groomers
What Does Professional Liability Insurance Cover?
Every policy is unique, but the typical professional liability insurance can help protect businesses against claims such as the following:
- Professional negligence
- Failure to deliver a promised service on time
- Breach of contract
- Errors in services given
- General professional misconduct
What Is Not Covered by Professional Liability Insurance?
Professional liability insurance does not cover every type of liability claim a business may experience. Common examples of claims that a professional liability insurance policy may not cover include the following:
- Illegal acts and purposeful wrongdoing
- Bodily injury
- Property damage
- Employee injuries or illnesses
- Discrimination or harassment
For these types of claims, a business should consider various additional policies, such as general liability insurance, workers’ compensation insurance and employment practices liability insurance.
Professional Liability Insurance Quote
If you’re interested in learning more about professional liability insurance and how much it may cost, contact Clearwater Partners. Our dedicated professionals will make sure you and your business are protected with a comprehensive insurance policy.