Professional Liability Insurance
Professional Liability Insurance Information
Professional liability insurance may help your company pay costs related to lawsuits if someone accuses you of professional negligence. Businesses that offer advice or professional services to clients may choose professional liability insurance as a standalone policy. In some cases, eligible small or mid-sized businesses may purchase a professional liability policy as part of a business owners policy (BOP) insurance plan.
You can depend on the expert agents at Reidel Insurance Agency in Reynoldsburg, Ohio, for guidance as you choose the insurance coverage that may benefit your business most.
Understanding Professional Liability Insurance
Professional liability insurance, sometimes called malpractice insurance or errors and omissions (E&O) insurance, typically provides coverage if someone sues you for negligence due to a client’s unmet expectations. When a professional makes an unintentional mistake that harms a client, professional liability coverage may help pay for legal costs, settlements and related expenses for the business and the injured person.
It may be difficult to recover from a malpractice lawsuit without professional liability insurance.
Talk with your agent about specific coverages with a professional liability insurance policy. Professional liability coverage limits vary by carrier. They do not cover lawsuits related to criminal activity. Even with professional liability coverage, you may not be covered for misconduct or certain types of mistakes.
Do I Need Other Business Insurance Policies?
In addition to professional liability coverage, your agent may also recommend the following coverage as part of your business insurance plan.
Commercial General Liability Insurance
If a customer sustains an injury at your business or you accidentally damage someone’s property while making a house call, commercial general liability insurance may help pay for damages.
Workers’ Compensation Insurance
If an employee is injured or becomes ill in a work-related incident, workers’ compensation insurance helps pay for medical costs and lost wages and may even provide a death benefit.
Commercial Property Insurance
Commercial property insurance may pay to repair or rebuild the structure if your business sustains physical losses from a covered event like a storm or fire. Your agent may also recommend that you include income replacement and business interruption insurance to help cover losses if your business must close during repairs.
Get Professional Liability Coverage Today
Get the professional liability insurance coverage you need today by calling Reidel Insurance Agency at 877-954-6787. Our agents specialize in helping professional services businesses get coverage to help protect your company from financial losses when the unexpected happens.