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If your business provides accounting services, financial advice, legal or medical services, you will likely need the basic protection of a BOP, or Business Owners Package. This will generally cover your business for liability, property loss and even loss of income due to a covered event. Those who provide professional services however, like financial advice, legal or medical services will also want to be assured they are protected by professional liability insurance.
As a legal, medical or financial professional, clients can have a significant investment based on your professional advice. When this advice, however, goes outside of the norms and potentially causes financial or other damages to the client, you can be held accountable in a court of law. This may be considered professional malpractice and you could be sued.
Professional liability insurance is designed for these professionals whose opinions, advice and counsel are critical, but may be second-guessed if the advice doesn’t have the desired results. It is often referred to as E&O (Errors and Omissions) or Malpractice Insurance.
We have often heard of doctors being sued for malpractice, but the same can happen to financial or legal professionals. This is where professional liability insurance is critical.
Should a liability claim be made against a covered professional, the protection will not only cover any judgment or settlement, but the legal costs involved in resolving that claim. As you can imagine, in the professional services arena, those claims, judgments and legal fees can be significant.
If you are an attorney, financial consultant, accountant, or medical professional, it is important you explore the benefits of professional liability insurance. Our team of independent insurance experts can help.
We can discuss your business and your risks. We can search multiple companies on your behalf to find the best coverage at rates you can feel comfortable with. You, of course, have the final decision on the plan you choose.
Even the most well-intentioned, well-researched advice can have a negative impact.on a client. Should they take you to court, you can have confidence you will be financially protected by your professional liability insurance coverage. Contact us today to get the coverage and peace of mind you deserve.