No matter the type of industry your company services, there is always a risk of claims alleging unsatisfying or unprofessional behavior or products. Attempting to resolve these matters takes too much time, money and resources to resolve. Plus, these issues can ruin the reputation of your company. Learn more about professional liability insurance and how it can protect your business during these circumstances.
What Is Professional Liability Insurance?
Professional liability insurance essentially protects your business from any claims that the services or products your company provided are unprofessional, unsatisfying or harmful to the client. Regardless of the veracity of these statements, they can cost too much time and money to resolve. This type of insurance covers the costs of lawsuits, damages, and other legal procedures. Professional liability insurance is sometimes referred to as Errors and Omissions insurance (E&O).
Clients and Potential Situations
According to www.axisins.com, this kind of insurance is common throughout numerous industries. A few of these industries include:
The situations that necessitate this insurance plan greatly vary, including malpractice, delays or unprofessional behaviors. These scenarios usually impact your clients negatively, hence the claims.
Any business like yours is always at risk of unprofessionalism or malpractice claims. Professional liability insurance reduces the financial burdens these claims can cause to your company, regardless of the outcome.