You’ve opened a new business, secured all the necessary licensing, and started serving clients. Your company has insurance coverage through a general liability policy, so you think you’re all set. Yet, what happens if you make a bad decision and a client sues you for it? The agents at Insuran LLC, serving Central Ohio, can advise you on appropriate professional liability coverage to protect your business.
What Professionals Need Professional Liability Insurance?
Essentially, anyone providing professional advice needs this type of liability insurance, also called errors and omissions or indemnity insurance. Prominent examples include medical malpractice policies for doctors and legal malpractice for attorneys. Most professional situations aren’t as dramatic as those, yet unhappy clients can sue many different professionals. Professionals who should consider a professional liability policy include:
• Consultants for any industry
• Real estate agents
• Other health care professionals like therapists
Keep in mind that this list is not all-inclusive. Even public notaries can be subjects of a lawsuit if someone deems their actions unacceptable.
What Does Professional Liability Cover?
Errors and omissions insurance covers claims of negligent advice. Professional liability insurance allows business owners to save their companies if someone sues them, whether the claim is legitimate or fabricated. These policies will cover legal fees, claims of past omissions, inaccurate advice, misrepresentation, or any other act that a client may deem harmful, whether justified or unjustified.
How Much Does Professional Liability Cost?
Professional liability policies vary in cost according to the type of business and how many employees you have. The more risky the business is, the higher the premium. Central Ohio residents can count on Insuran LLC to provide sound advice on the amount of professional liability insurance, along with policy particulars, for their business.