Professional liability insurance helps cover you and your company if you make a mistake in the professional services given to a customer or client. Mistakes happen, and if your client or customer thinks a mistake in your professional services caused a financial loss, or that you misrepresented yourself they can sue you.
Your insurance company only covers claims against your business during your policy period within the extended reporting period. And the claim must be from a covered error or omission, which Professional Liability insurance is sometimes referred to, that happened after your policy’s retroactive date. It can help cover:
Damages
Disciplinary proceedings
Loss of earnings
Legal defense costs
Copyright Infringement
Employees
Contract Breaches
Subpoena assistance
Some policies can also be written on an occurrence policy. This means there will be coverage for losses that happen during your policy period, even if the claim gets reported after your policy expires.
Business owners who provide a service to a client or customer should carry this insurance. A good guideline is:
A contract that requires you to carry coverage You offer professional services directly to customers You provide regular advice to clients
Let Alliances Insurance Agency help you find the right amount of coverage to suit your insurance needs.
Call us today at (610) 816-0043.
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