Unfortunately, professionals of all types can be sued. If you are in the business of providing advice or guidance, you could find yourself on the wrong side in a lawsuit. Professionals at risk include financial and accounting professionals, attorneys, engineers, architects, designers, consultants and health and wellness practitioners. Despite the well-known risks, many professional service providers simply don’t acknowledge the risk of a lawsuit until after a client or patient hires an attorney.
It’s best to be prepared before a lawyer comes knocking. Protecting your business, finances, and reputation with a professional liability policy is imperative if your clients pay for your expertise, knowledge, advice or care. At the Speakman Agency, we compare professional liability insurance quotes from a variety of insurance companies and find you the right coverage at a competitive rate.
What is professional liability insurance?
Professional liability insurance protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may take on different forms and names, like malpractice
and E&O insurance.
The number of liability lawsuits against professionals has increased in recent years. Many professionals within a variety of industries are at risk of being sued, whether the charges are valid or unfounded. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional liability insurance helps with the financial burden of these events.
Who benefits from professional liability insurance?
Any professional who provides a service, expertise or advice to clients for a fee can benefit from coverage against liability lawsuits. Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Professional liability insurance will protect your business and its finances if such an event arises.
Get started today
We will evaluate your business to determine its unique insurance needs and find you the professional liability policy with the necessary coverage. Call us at (732) 259-7816 or email us
if you have questions or want to get started. We are happy to help you get the protection you need.