Professional Liability Insurance
Professional Liability Insurance Information
When businesses provide professional guidance, advice or services to their clients, they must account for the possibility of errors or miscalculations. No matter how diligent or vigilant a company and its employees may be, mistakes may be inevitable, necessitating appropriate risk management and loss control measures. Professional liability insurance is an essential investment.
What Is Professional Liability Insurance?
Professional liability insurance, or errors and omissions insurance, can establish a stout financial shield against the ramifications of shortcomings in a business’s services. While the exact parameters of a policy may vary, the right professional liability coverage can typically respond to accusations of the following:
- Misrepresentations of services
In response to these potential allegations, professional liability insurance may help policyholders pay for various legal expenses and losses, including attorney fees, court costs, settlements and judgments.
Who Needs Professional Liability Insurance?
As a general rule, any company that provides services to other parties can benefit from having the right professional liability insurance. Businesses prioritizing this type of insurance may include consultants, contractors, financial advisors, accountants and real estate agents.
Businesses should be particularly aware of any legal requirements related to professional liability insurance, as noncompliance could lead to costly fines or even shutdowns. For example, health care professionals and organizations are typically required to carry medical malpractice coverage, a specialized form of professional liability insurance.
We’re Here to Help
At St. Andrews Insurance Agency, we’re well-versed in the world of professional liability insurance and will apply our extensive experience to help businesses in the Panama City, Florida, area find and maintain the right coverage. Contact us today to compare personalized quotes.
|