What is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance that protects professionals and businesses from claims of negligence or mistakes related to the services they provide. This type of insurance is important for professionals in a variety of fields, including accountants, architects, attorneys, engineers, doctors, and insurance agents.
Why Do I Need Professional Liability Insurance?
Professional liability insurance can protect you from a variety of financial losses, including:
In some cases, a client or customer may sue you even if you have not made a mistake. This could happen if the client or customer believes that you have not met their expectations, or if they are simply trying to make a profit. Professional liability insurance can help you to protect yourself from these types of lawsuits.
How Much Does Professional Liability Insurance Cost?
The cost of professional liability insurance varies depending on a number of factors, including the type of professional you are, the size of your business, and the level of coverage you need. In general, however, professional liability insurance is relatively affordable.
How Do I Get Professional Liability Insurance?
You can get professional liability insurance from a variety of insurance companies. When you are shopping for insurance, be sure to compare rates and coverage options from different companies. You should also ask about any discounts that may be available to you, such as discounts for having a clean driving record or for being a member of a professional organization.
Conclusion
Professional liability insurance is an important type of insurance for professionals in a variety of fields. If you are a professional, you should consider purchasing professional liability insurance to protect yourself from financial losses in the event of a lawsuit.