You’ve got your business up and running, so what’s the next step? If you provide products or services to clients, you should consider the benefits of professional liability insurance and the protections it offers. In this blog, we’ll help you with understanding professional liability insurance and determining what coverage you may require as a business owner.
What Do Professional Liability Policies Cover?
Professional liability coverage is more expansive than general liability. It protects professionals—such as lawyers, physicians, contractors and others—against negligence or other claims that originate from their clients.
Your business likely faces an array of liability exposures every day. Depending on your industry, this may include bodily injury to others, damage to others’ property, cyber liability, employment practices and professional errors and omissions. If a claim is filed against you, professional liability insurance covers your legal defense and any judgment against you up to the policy’s limits.
The level of protection you need depends on the products or services you provide. For example, if you own a store that handles sensitive payment information, cyber liability insurance can help protect you against the repercussions of data breaches. If you’re an accountant, you’ll need protection against errors and omissions in case you provide inaccurate advice, or an auditing error leads to financial losses for a client. In some instances, professionals are required to purchase insurance, such as malpractice insurance for those in the medical field.
How We Can Help
Determining the amount of liability coverage you need is always a work in progress. Because your business is constantly growing and evolving, your coverage should do the same. Be sure to review your insurance needs whenever your business changes in size, diversifies into new markets or relocates. Contact us to make it happen—we’ll work with you to establish a plan to protect your business now and in the future.