Many business owners invest in general liability insurance to protect their company from unwanted litigation. For example, claims made by clients or customers who suffer bodily injuries or property damage at your facility are covered under this plan. This coverage won’t protect your company, however, from litigation regarding the professional services you provide.
Insurance Plans That Cover Professional Services
Professional liability insurance, sometimes called errors and omissions insurance, protects professionals who offer advice to clients or provide expertise in designing products for customers. This liability plan covers a number of scenarios, including:
- Mistakes that cause financial harm
- Copyright infringement
- Libel or slander
It’s important to understand that even if a claim is unfounded, it could still result in exorbitant legal fees. An unhappy client can not only cost you financial loss, but can damage your company’s reputation in the community. Your insurance agent should help you find the best coverage for your unique situation.
Professionals Who Need Liability Coverage
Those who design things, including engineers, architects and software developers should invest in professional liability protection in case they make design errors or give misleading information about their services.
Professionals who offer advice, such as realtors, doctors, lawyers and building contractors are protected if patients or clients are unhappy with the expertise provided.
Protect your business and your employees with professional liability insurance.