You Made a Mistake, Now What? How Professional Liability Insurance Covers You

As a business, you and your employees strive to deliver reliable and outstanding services to clients and customers. Unfortunately, mistakes can happen regardless of your attention to detail or experience levels. Although preparing for these unpleasant situations may not be an enjoyable part of business planning, doing so is essential to secure your company’s financial interests. Professional Liability Insurance is a critical investment.

What Is Professional Liability Insurance?

This type of insurance may go by several names. It’s also commonly referred to as errors and omissions insurance and may also go by industry-specific terminology, such as medical malpractice insurance for health care providers. Regardless, these policies are generally designed for the same purpose: to help manage losses and expenses should a third-party claim that your shortcomings caused them financial harm.

How Can My Policy Help After a Mistake?

Professional liability insurance may offer versatile and robust financial protection against many possible accusations. Although your exact coverage needs may vary depending on your industry and other unique circumstances, many policies can offer aid in response to many common accusations, including the following:

• Inaccurate professional advice

• Professional errors

• Misrepresentations

• Oversights

• Negligence

• Omissions

• Missed deadlines

• Breaches of contracts

If one of the aforementioned allegations is filed against your business, professional liability insurance can help you respond with crucial financial assistance. Your policy might help you compensate other parties or defend yourself against the accusations. Specifically, you could receive aid for the following:

• Attorney fees

• Court costs

• Expert witness fees

• Settlements

• Judgments

Even if the allegations leveled against your business are unfounded, you may not be able to set the record straight without sufficient professional liability insurance.

How to Get Professional Liability Insurance Near Me

If you provide professional services or advice in or around Greenwood Village, CO, contact Alliance General Insurance Agency today to discuss your coverage needs and find a suitable policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.