Do I Need Professional Liability Insurance?Professional liability insurance is designed for individuals or companies who offer a business or individual service to someone or their company.

Offering a specific expertise, skill, business service or advice has inherent risks. Should a client claim that you or your company was negligent, professional liability insurance uniquely may assist with legal costs and, if you lose, may assist in payment of monetary damages to the limits the insurance policy.

There are different types of professional liability insurance dependent upon your exposures. The most common type of coverage is Errors and Omissions insurance, also referred to as E&O insurance. This is necessary should a client for any reason accuse you of  an inaccuracy, misrepresentation or negligence. The same accusation can be made if you are manager or director of a company. Whether for profit or a non profit, you should consider Directors and Officers, or D&O, insurance.

The following professions should purchase a professional liability policy.

  • Creative: Those that create and design products for others may be at risk. This includes graphic artists, designers, interior designers, photographers, advertisers, authors, journalists and producers.
  • Consulting: Consulting is definitely a field that requires liability insurance. If you work in consulting for a management, education, marketing or public relations business, you should look into it. This can also apply to life coaches and event planners that also offer advice.
  • Technology: Cyber security is so important in modern times that anyone who works with IT consulting, website or software development, security or networks should consider this type of insurance.
  • Real Estate: Real estate can be a tricky business; agents, brokers, property managers, appraisers and auctioneers are all at risk because of the advice they offer on the housing marketing and individual properties as well.

In addition to those industries, other professionals that should consider professional liability insurance include architects,  engineers, accountants, tax preparers, lawyers, instructors, financial agents, medical and engineering labs.

Schedule a time to speak with Peter. Call (714) 258-2800 or email Peter for an appointment or free estimate to learn more specifics about affordable professional liability insurance. As a long time professional himself, Peter can help you determine whether or not this type of insurance is right for you.