Protecting your company is your first priority as a business owner. Without the peace of mind knowing your company is 100% protected from any perils is crucial to running a successful business. Each business requires a unique set of insurance plans based on the industry and line of work they complete. Your company may or may not benefit from a professional liability insurance policy. Compiled is a professional liability insurance cheat sheet so you can better determine if your company’s needs require this type of insurance.
Professional liability insurance, also known as errors and omissions insurance (E&O insurance) is crucial to have as a business owner. This type of insurance is most important for anyone who offers advice, expertise, or recommendations to their clients. These businesses benefit from a professional liability insurance policy because it offers them the peace of mind knowing any incorrect advice or failure to perform services will not leave them in financial ruin if a lawsuit comes from the mistake. Your professional liability insurance policy will cover the legal fees so that you and your business are protected.
As a professional in the field, you are expected to have extensive knowledge in your industry of work. Whenever someone suspects a professional failed to use their expected skills and expertise, legal ramifications are usually the outcome.
Professional liability insurance will not fall under your standard home-based business insurance policy or your regular business insurance policy. Therefore, if your company is involved in any form of advice giving, you should seriously consider purchasing a professional liability insurance policy. Feel free to ask your insurance provider for advice if you have any additional questions.
Serving all California residents, Medwin Insurance Agency strives to continuously provide unique insurance coverage based on your individual needs. We are available to help you with all of your auto, home, business, and family needs. Contact us today for all of your business insurance needs.