 Professional liability insurance safeguards your business. It is specifically beneficial to those who operate their own business, provide medical or dental services or provide other high-level professional service. It is also known as E & O (errors and omissions) insurance. This coverage helps to minimize the costs associated with claims made against your organization or you personally regarding the service, advice, consultation or other expert information you've provided. From IT workers to business consultants, it pays to have this coverage in place.
How Does Professional Liability Insurance Help You?
In short, you may face claims made against your company about the information or advice you've provided. Whether you made a mistake or you simply were misunderstood, there is one thing that is for certain. In a country where lawsuits against companies and professionals are quite common, you need comprehensive insurance and support to safeguard your business. Professional liability insurance can do that for you.
How Much Is Enough?
There isn't a specific dollar amount of coverage that is right for all businesses. It's up to you to sit down with your insurance provider to discuss the specific risks you face. One of the most important steps in this process is to take a look at any claims made against your company previously and to protect against the possibility of similar claims in the future.
Do you need more insurance right now if you've faced professional liability claims recently? You may. If you've reached your claim limit or if you believe it's not high enough, purchasing a higher level of coverage may be recommended. The more claims you have, the higher your insurance costs are likely to be. Therefore, it is always prudent to put in place a larger policy from the beginning, before you approach that high dollar limit.
The good news is the investment in a higher valued professional liability insurance policy isn't significant. That is, you get a great deal of protection for a larger, albeit still affordable, price. This means that if you're worried you don't have enough coverage, you can often get a higher dollar value in place without spending much more.
Are you covered? Call Southwest Commercial Insurance at (512) 771-6091 for a free professional liability insurance quote.
Posted Tuesday, March 21 2017 9:25 AM
Tags : business insurance, professional liability insurance, coverage, insurance, protection, Southwest Commercial Insurance
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