Do you need Professional Liability Insurance?
Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or business owners policy. This protects them against financial losses from lawsuits filed against them by their clients.
Professionals are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called "errors and omissions" liability.
Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under home-owners endorsements, in-home business policies or business-owners policies (BOPs).
What does Professional Liability Insurance cover?
Professional liability insurance protects you in cases of faulty service (errors) or failure to provide a service altogether (omission). This type of insurance coverage pays the cost of your defense and any damages awarded (up to policy limits). Insurance companies have developed many specialized policy forms that respond to the individual risks of particular professions and services.
LET US CHOOSE THE COVERAGE THAT’S RIGHT FOR YOU
There are no “standard” policy wordings for Professional Liability Insurance. Each policy must be tailored to fit your specific exposure needs. An engineer, a doctor and a computer programmer all have different exposures; thus, the same policy would not be adequate for all.
Paschall Insurance Group has experienced specialty agents that will consult and guide you through the process of ensuring you have the best coverage that best fits your specific needs.