What is Professional Liability Insurance?
If a client comes to you as an expert in your field and they lose money as a result of following your advice, they may file a lawsuit. This is where Professional Liability insurance (a.k.a. Errors and Omissions (E&O)) comes in. Regardless of fault, litigation is expensive, drains time and damages reputations. Professional Liability insurance protects professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
What costs are covered?
•Court and judgment costs
•Attorney fees and other defense expenses
Who needs Professional Liability Insurance?
Professionals, and businesses that provide professional services such as giving advice, making educated recommendations, designing solutions or representing the needs of others are all have Professional Liability exposure. Professional Liability Insurance can safeguard your professional reputation, profitability, and business assets from the potentially astronomical expenses of litigation (whether justified or not).