It’s not about your professionalism, training, or years of experience. It’s about human nature. Mistakes happen to the best of us, no matter how experienced. Whether medical malpractice, or an error resulting from an omission in a project, coverage is needed to protect you, your firm and your employees.
Who needs Professional Liability Insurance?
If you’re in the business of providing services to clients for a fee—doctors, lawyers, accountants, architects, engineers, wedding planners, printers, building-trades contractors, mortgage and real estate services, designers, advertising agencies—if your service is possible to be done incorrectly or late, and it costs your client money, harms their reputation or results in a bad medical outcome, you need to investigate a professional liability policy.
Yes, you can be sued even if you didn’t do anything wrong.
The most straightforward clerical error or proofreading mistake (even made by a trainee) can cost you if it results in financial loss or damage to the reputation of one of your customers.
That’s why it’s essential to understand the extent of your business liability insurance—it only protects your operation against bodily injury, property damage, or advertising injury.
But what happens when you, one of your employees, or a vendor fails to catch something that your customer doesn’t miss, and they hold you responsible? What happens if you are in the medical field and you have a bad outcome with a patient?
They can not only refuse to pay, they may also sue you for damages.
But with a professional liability insurance policy, you may have liability protection against losses not covered by traditional business insurance.
What does Professional Liability cover?
Professional liability may protect you from claims in the event a customer or client sues your service business for negligent acts, medical malpractice, errors or omissions occurring during business activities, and which could potentially result in a financial loss, injury or death for the client.
The policies usually cover the business owner, both salaried and hourly employees and subcontractors working on behalf of the business. Policies are industry specific and tailored to the needs of each client.
Doctors and dentists face different risks than accounting firms, but both have the potential to impact their customer’s lives and livelihoods if a mistake occurs.
Why We’re Different
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect the things you are working hard to build.