What is Professional Liability Insurance?
Professional liability insurance helps protect your business if you are sued for an error or mistake in the professional services you’ve provided. This coverage is also known as errors and omissions insurance. This type of coverage is especially important for particular businesses including consultants, accountants and technology professionals.
How Can Professional Liability Insurance Protect My Business?
A business can be sued whether they are at fault or just an assumed fault for an error or mistake. Professional liability coverage can protect you financially from costly legal and attorney fees. Professional liability coverage is commonly known as errors and omissions insurance or E&O.
Business errors and omissions can be costly. Learn more about paying the sins of errors and omissions in our recent blog.
What Does Professional Liability Insurance Cover?
- Inaccurate Advice
- Libel or Slander
Who Needs Professional Liability Insurance?
Professional liability coverage is a great idea for almost every business, but in particular any business that provides professional advice should carry professional liability insurance as part of their business insurance package.
Professional liability insurance can protect you if a lawsuit should arise from your mistakes or presumed mistakes. This coverage is required for businesses in some states so be sure to understand what is required for your type of business with the Secretary of State.
Bancorp Insurance recommends that these business professionals have professional liability insurance:
- Advertising Agencies
- Graphic Designers
- Home Inspectors
- Marketing Agencies
- Mortgage Brokers
- Real Estate Agents
- Small Businesses
- Website Developers
NEED MORE HELP?
Appointments are available at no charge or obligation to enroll, click the link below to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
Meet the Bancorp Insurance Commercial Line Agents
Specialties: Business Personal Medicare
Specialties: Business Contractors Wildland Firefighter
Specialties: Business Contractors