Professional Liability Insurance, also known as Errors & Omissions coverage is a form of specialty business insurance that can be tailored to suit your specific business. This type of policy provides a special type of liability protection that best suits your industry and your employees of your business. In most cases, Professional Liability Insurance coverage can be tailored to cover the risks and exposures that your particular business can face on a daily basis.
If you own a business that provides any type of advice or professional opinion (i.e. doctors and lawyers), then it is extremely vital for you to carry Professional Liability Insurance coverage along with your other business liability policies. Professional Liability Insurance that protects you from just that: errors and omission caused by your employees. This type of policy covers most costs and claims that may occur because of errors caused by you or your employees, failure to complete/perform work promised within a contract, etc. It is very important to consider all the risks to your business and all possible errors, omissions, and mistakes that can be made by professionals in your field.
A company that decides not to purchase Professional Liability Insurance is taking serious financial risk. These types of losses are not covered under your Commercial General Liability Insurance policy, and even if you aren't at fault, litigation is both time comsuming and expensive. As with any insurance, the best time to purchase a Professional Liability Insurance policy is before the loss takes place. Most importantly, your clients will also feel secure knowing that if an error occurrs, they will be properly compensated.
As a business owner, if you're in any business where you provide a service to a client for a fee in return, you're subject to a Professional Liability claim. Even with the best employees and the best risk management plan, there is always room for human error. We live in a society where no one is perfect and Prime Star Insurance Services understands that best.
If you would like an analysis of your current Professional Liability Insurance Policy/Coverages, or need to secure a Professional Liability Insurance policy right away, Prime Star Insurance Services is there to help. Our highly dedicated and experienced licensed Agent's are standing by to help you find the best coverages available in the market so that you can feel secure that your business is protected against any potential risk that may possibly harm your business. Contact us today for your free consultation.