Professional liability insurance, also commonly known as errors and omissions insurance, is a means with which to protect your business’s assets, keeping you safe from potential financial ruin. In the event of allegations or claims against your business, it’s absolutely necessary that you be insured in order cover costs related to such claims. Mitigating risks and covering any unforeseen losses is at the core of maintaining any successful business, which is why you should contact your insurance company about professional liability coverage options in your area.
In any line of work where services are provided, mistakes can happen, and the party (i.e. your business) responsible for those mistakes can be held liable. Your company’s errors and mistakes can be extremely costly, and are hard to recover from if you aren’t properly covered. Depending on what line of work you are in, you’ll want to be protected from things like negligence and misrepresentation. An insurance company offering professional liability coverage should be able to work with you in order to find a plan that fits the specific needs of your business. Because there is no one policy to fit every type of business, you’ll want to be sure and talk to a trusted agent who can go over, in detail, the ins-and-outs of your policy to ensure all bases are covered.