What You Should Know About Professional Liability Insurance
Professional liability insurance, often referred to as errors and omissions (E&O) insurance, provides crucial protection for businesses and professionals. This type of coverage helps safeguard your financial stability by covering the defense costs and settlements of claims arising from errors, omissions, or negligence in your professional services.
What Does Professional Liability Insurance Cover?
Professional liability insurance protects your business from claims related to:
It’s important to distinguish this coverage from general liability insurance. While general liability insurance addresses claims involving property damage, bodily injury, or copyright infringement, professional liability insurance specifically covers issues tied to your professional expertise and actions.
Examples of what professional liability insurance typically covers include:
Why Is Professional Liability Insurance Important?
As a professional, you are responsible for providing accurate, reliable advice or services to your clients. Even if you’re highly skilled, mistakes or misunderstandings can happen—and even unfounded claims can result in costly lawsuits. Professional liability insurance ensures that you’re protected financially if a client believes you’ve made a mistake or failed to deliver.
Does My Business Need Professional Liability Insurance?
If you earn your living by offering professional advice or services, professional liability insurance is strongly recommended. Industries that commonly benefit from this coverage include:
For some professions, professional liability insurance is required by law or licensing boards. For example:
Types of Professional Liability Insurance Policies
Professional liability insurance policies are tailored to meet the specific needs of each professional or business. The two most common policy types are:
Why Choose Troy Insurance for Professional Liability Insurance?
Your business is unique, and so are your risks. We take the time to understand your specific needs and concerns to craft a policy that fits your situation.
You’ve worked hard to build your business—now it’s time to protect it. Let us help you assess your risks and customize a professional liability insurance policy that ensures you’re prepared for the unexpected.
Secure your business, safeguard your reputation, and focus on what you do best while we handle the rest.
