Are you a small business owner or consultant that either A) gives advice to clients or B) provides professional services? If so, there’s a high chance you need to secure a professional liability insurance plan. Regardless of what industry you serve in, if you consider yourself an expert in the field and market yourself as one, then you are responsible for delivering these services to a high degree of professionalism and knowledge. This can range from owning a yoga studio, software consulting, to working as a physician or architect. Your clients or customers expect you to be the expert, and when their expectations are not met, they are able to pursue legal action to prove you or your business was negligent.
Professional liability insurance, also known as errors and omissions insurance, is “a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions,” according to Investopedia. This type of insurance covers settlements and the costs associated with the court.
In addition to covering negligent acts, professional liability insurance also covers copyright infringement (mistakes, oversights, and misunderstanding), personal injury (libel or slander to your business), defense costs, and lastly, your employees (whether it’s full-time, temporary, or independent contractors). However, it is important to note the exceptions to professional liability, such as discrimination, fraudulent or criminal acts, punitive damages, and more.
Here To Serve You
The Issac Lewis & Associates team is here to help you understand professional liability insurance, and discuss what level of coverage is right for you. Whatever industry you work in, and whether you’re a consultant or small business owner, we can help you select the plan that works best for you. Learn how Issac Lewis & Associates can help you make the best decisions for your business today.