Professional Liability Insurance
In today's environment, professional liability is an ongoing and growing risk. It's more and more common that an incident could land you in court. The cost to defend yourself can be substantial. A professional liability insurance policy will cover these costs in the event of such a claim, which may otherwise financially cripple your business.
Despite your expertise, knowledge and best intentions, the reality is that not all projects are error-free, and eventually a mistake or misjudgment is bound to occur. Even the smallest error can have serious consequences.
Cover Your Costs
If a client believes damages are due to a mistake on your part they can sue your company. It is important to protect yourself against this potentially devastating liability. A professional liability policy will cover the cost of defending you or your company in court, not to mention the restitution costs if you’re found at fault (up to the policy coverage limit).
"Claims-Made" Policies
These policies are known as “claims-made” policies. This means that coverage is triggered when a claim is filed and you report it to the insurance company, since it is often hard to identify when the alleged error or omission originally occurred.
Common industries seeking professional liability coverage:
- Medical Professionals
- Property Managers
- Attorneys, Legal Professionals & Law Firms
- Accountants
- Architects & Engineers
- IT Consultants