No one is perfect. Everyone makes mistakes. It is a part of human nature. But when a professional makes a mistake that causes their client financial harm, where do they go to protect their business?
The best way to protect your professional business is to have a professional liability policy in place. This policy may take different forms or names, depending on your profession. A couple of examples are malpractice insurance for medical professionals or errors and omissions for lawyers.
Professional liability is a separate insurance policy, not part of a standard general liability policy for a business. The common claims filed for this policy are for alleged financial loss of the claimant as a direct result of negligence, misrepresentation, violation of good faith and fair dealing, or inaccurate advice of the professional.
Professions who should have this coverage include, but are not limited to:
· Insurance agents, consultants and brokers
· Medical professions
· Accountants/financial advisors
· Engineering and architect professions
· Real estate brokers
· Information technology service providers
· Quality control specialists
· Third-party business administrators
Want more information? Contact us for a review of your insurance needs.