As a professional, your responsibility is to conduct business with the highest moral manner possible. Although you may believe you are acting within the scope of utmost good faith, you can still be subject to a costly professional liability lawsuit. Some of the reasons claims have been made against professionals have been due to allegations of wrongful acts, inadequate professional services, and Errors & Omissions. Damages traditionally cover third party economic loss, but in some cases, contingent bodily injury or property damage may also be available. One of the best ways to protect you and your business against such claims is by investing in Professional Liability Insurance. Professional Liability Insurance, also known as Errors & Omissions Insurance, can protect the smaller business entity with a combination of a variety of limits, deductibles, and coverage forms. This coverage is in place to help pay for defense costs and judgements that may bog your business down and distract you from performing your services to others. Are you curious if a Professional Liability policy would be right for your business?
The some businesses utilizing this policy are:
- Architects & Engineers
- Financial Companies
- Travel Agents
- Barbers/Styling Salons
Quite often, a Professional Liability Policy is secured along with General Liability Insurance or a Business Owners Policy. Purchasing Professional Liability Insurance assures that you and your company have secured a coverage that will respond to a broader scope of potential claims and allegations.
Not every industry eligible for Professional Liability policy is listed above; several other categories of businesses may be functioning unknowingly in ways that leave them vulnerable and unprotected from great risks and exposures.
If you have any questions about what a Professional Liability program secured through Nickel & Saph, Inc. can do for your business, come on in or contact us today.