Professional Liability Insurance
Even the most careful businesses must account for the possibility of a mistake causing harm to a client or customer. A single error can have major consequences, including financial loss, reputational damage and lawsuits.
With these potential ramifications in mind, it’s necessary for all companies providing services or guidance to others to consider acquiring a professional liability insurance policy.
What Does Professional Liability Insurance Cover?
Suppose another party with whom your company does business, such as a customer, partner or client, alleges that you were responsible for an error that resulted in damages. In that case, the resulting lawsuits can be devastating. For example, if a mistake by your accounting department led to financial losses for a client, they may sue you.
Fortunately, professional liability coverage can help. In general, professional liability insurance policies can include coverage for claims arising from:
- Negligence
- Personal injury, such as libel, slander or copyright infringement
- Incorrect advice
- Misrepresentation
- Most policies can help policyholders recoup costs related to:
- Damages
- Lost revenue
- Legal representation
- Disciplinary proceedings
- Subpoena assistance
Remember, every policy is different. Work with a member of our team today to find out what a policy may cover for your business.
Get the Right Coverage
Businesses providing services for others are at constant risk of liability suits. This means that, without adequate coverage in place, a single error could devastate your finances and derail your future. Fortunately, professional liability coverage can make all the difference. Contact 314 Insurance Advisors today to construct a policy suitable for your company’s needs.