One of the benefits of having proper insurance coverage is peace of mind. The truth is, mistakes can and do happen. If you’re in the business of providing any type of professional service to your clients in exchange for a fee, you’re vulnerable to errors and omissions risks, or E&O risks for short. Professional liability insurance coverage can keep you and your business protected in case an unexpected mistake slips through the cracks. Knowing that you’re covered from common professional scenarios will help put your mind at ease so you can focus on your business.
What is professional liability coverage?
Just like people, no business is perfect, and mistakes can be made. In the event a client wants to hold your business responsible for errors made (or a missed deadline), resulting in a costly lawsuit, professional liability coverage can help. It works to protect your business by assisting with the costs associated with lawsuits.
Check out our infographic below on four common professional liability scenarios that are covered by professional liability insurance. You can even download the infographic and keep it in your office, in case you ever find yourself falling down a business rabbit hole.
What does professional liability cover?
Still confused about what professional liability covers? Here are four examples of common scenarios where professional liability insurance coverage could come in handy:
- When you’re late for a very important date!If your business misses a deadline, and the delay causes a financial loss to your client, professional liability coverage can help with the costs associated with the loss.
- When your client points their finger at you.If a client claims that your work resulted in damages that led to direct economic losses, you could face a costly lawsuit for those losses. It may also negatively impact your business’ reputation.
- When the devil’s in the details.If you overlook an important detail that results in your client not receiving the agreed upon service, professional liability coverage is designed to help with the costs that may be associated with the situation.
- When you’re on the stand.If your business is found legally liable for negligence in the service you provided to a client, you could find yourself tangled up in a costly lawsuit. Professional liability coverage can help with some of the legal costs you may face.
Don’t let mistakes in your work make you tumble down a hole your business can’t get out of! Make sure you have the coverage you need. Get a quote today!
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.