TUESDAY, JANUARY 31, 2023
Professional liability insurance can help protect your business from costly losses if you or your employees are accused of making professional mistakes. It is essential for any business that charges for client services. Read on to learn more about what professional liability insurance can cover, who needs it and how to get it.
We’re here to answer your insurance questions. Contact RCU Insurance Services in Santa Rosa, California, to learn more about our professional liability insurance coverage.
What Is Professional Liability Insurance?
Professional liability insurance is a type of business insurance that can help cover legal fees and settlement costs arising from allegations of professional negligence, mistakes or misrepresentation. In some industries, it may be referred to as errors and omissions insurance or medical malpractice insurance.
What Does Professional Liability Insurance Cover?
Although individual policies may vary, here are some examples of common professional liability claims your coverage could cover:
- Breach of contract
- Failure to deliver a service on time
- Professional negligence
- Failure to meet a standard of care
- Errors or omissions
Who Needs Professional Liability Insurance?
Professional liability insurance is required at the state and federal levels for some industries. Ask your insurance company if professional liability insurance is required for your business. Some clients may also require you to purchase professional liability coverage as a requisite to doing business with you. But even when professional liability insurance is not required, you may purchase coverage to protect your business assets from lawsuits.
What Professions Need Professional Liability Coverage?
The following list provides examples of professions that could benefit from professional liability coverage:
- Financial advisors
- Insurance agents and brokers
- Real estate agents and brokers
Get Professional Liability Insurance
We’re here to help you find the coverage you need. Contact RCU Insurance Services to speak to an insurance agent and get a professional liability insurance quote today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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