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What is Professional Liability Insurance?

Professional Liability Insurance, also known as errors and omissions insurance, protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a General Liability insurance policy, which makes Professional Liability Insurance crucial for those who provide a service or advice for a fee. 

The number of liability lawsuits against professionals has increased in recent years. Many professionals within a variety of industries are at risk of being sued, whether the charges are valid or unfounded. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional Liability Insurance helps with the financial burden of these events.

Professional Liability vs General Liability

Different risk coverage. Professional Liability protects from high cost of claimed mistakes that causes a third party financial loss. General Liability can protect your business from lawsuits such as visitor accidents on your commercial property.

Who benefits from Professional Liability Insurance?

Any professional who provides a service, expertise or advice to clients for a fee can benefit from coverage against liability lawsuits. Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Professional liability insurance will protect your business and its finances if such an event arises.

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Assurnet offers insurance programs uniquely tailored for he needs of your firm. We offer broad coverage, great service and stable markets. 

Check out our blog:
Employment Practices Liability Insurance

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