Professional Liability Insurance
Part of doing business is understanding the risks your business might face, especially when you offer direct services to your clients, which is why business owners are looking up ‘What is Professional Indemnity insurance or Professional Liability insurance?’ online.
However, buying different business insurance types can be an inconvenience. This is where BizInsure comes in to help. We’ll walk you through the steps to ensure you get the best insurance quote within minutes. On top of that, we can email your certificate for instant download too.
Read on to learn more about Professional Liability insurance.
What is the purpose of a Professional Liability insurance?
Professional Liability insurance, also known as Errors & Ommissions insurance, is a policy that protects individuals and companies from claims of negligence or wrongdoing while they’re accomplishing their duties. Specifically, those who provide advice and specialised services are the ones usually in need of this.
One primary purpose of this type of insurance is to cover losses resulting from claims of negligent acts or omissions when providing professional services or advice to your clients. Furthermore, it will help with legal expenses involved with responding to or handling policy-covered claims. However, some people may confuse Professional Liability insurance with other forms of insurance.
Professional Liability insurance does not cover third-party bodily injury or property damage, nor does it cover work-related injuries or illnesses. For instances like these, you need General Liability insurance and Worker’s Compensation insurance respectively.
A problem you may encounter in securing insurance is finding a provider that would suit your business size and needs, whether it be a legal or medical protection plan. That’s why at BizInsure, we are committed to helping businesses of all sizes, as we recognise the unique risk factors your line of work may face.
To get started is simple: fill in your occupation, sign a form, and compare quotes from top-rated insurance providers on our website. You can also contact our licensed agents via our hotline or through email. After that, you can buy and receive your insurance policy by email and access it anytime online.
Who benefits most from a Professional Liability insurance?
If you’re working in any type of business where the chance of being sued is high – including finance, medical advice, construction, and consulting – then Professional Liability insurance isn’t just something to consider; it should be necessary. Depending on your occupation, you may also be required to carry Professional Liability insurance by regulating bodies or clients before they sign a contract with your business.
The main reason is that there are risks when providing information or advice, professional services, and legal representation for your clients such as errors, negligence, or breach of contract. This is also why some states set a minimum amount of insurance requirements for medical professionals and lawyers.
What coverage does a Professional Liability insurance provide?
Whether or not the claims made against your business are true, Professional Liability insurance will help you cover the legal expenses needed to defend your business in court against alleged negligence or failure in performing professional duties, as well as cover any settlements you’re required to pay, protecting your business’s or even personal finances.
Some of the service errors covered may include the provision of wrong advice or information; work delays, rework, or additional expenses caused to a client; breach of contract, as well as other alleged forms of mistakes.
As there are different coverage types for all kinds of insurance, it can be confusing to determine which one your business needs or whether an insurance provider caters to your occupation – and that just raises more questions for you.
At BizInsure, we help a variety of professions find the right coverage they need. With us, you can easily see quotes, compare them, and opt for the right one that would suit your needs. Moreover, if you need help with questions like ‘What insurance does a sole trader need?’ and ‘What does public liability insurance cover?’ we have an expert team of licenced agents ready to help.
Since we are built on the belief that insurance should be done in a simpler and more convenient way, we want to bring about a long-overdue change to the insurance marketplace. So, if you are ready to secure a competitively priced policy, contact BizInsure today.
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