Is Professional Liability Insurance A Must?

Provides Protection From Negligence Claims Focused Specifically On Mistakes Made or Failures That Occur As A Result Of Advice and /or Guidance Provided To Another By You Or Your Firm.

Did You Know?

You’ll need a wide range of business insurance policies, starting with your landlord. Most startups need property insurance, employee dishonesty insurance, and workers compensation coverage.  The majority of  businesses can purchase an affordably priced “Business Owners Policy or “BOP” policy. However, when it comes to the general liability business insurance your company needs, focus not just on slips and falls. Focus on bigger mistakes that could lead to costly lawsuits. This is when professional liability insurance helps fill the gap.

You may have read statistics that a substantially large percentage of companies just starting out fail. In addition to lack of capital, another key reason for business failure may be attributed inadequate limits and types business insurance to protect potential clients from the risks you represent to your clients. Whether you are just getting your business off the ground or your scaling up, potential clients need to know you will protect their financial interests. Insurance coverage will be a consideration in who they may choose as an adviser or consultant. In the case where you may be requested to sign an agreement, request the insurance coverage requirements prior to agreeing to the contracting fees. The cost of coverage is industry specific, based your experience, historical data, and character of the services provided your client.

How Professional Liability Insurance Helps You?

Professional liability insurance is a type of coverage that provides protection from negligence claims similar to  types of commercial liability insurance. However, this focuses in specifically on the mistakes you make or the failures that occur as a result of the advice and /or  guidance you provide. Professional liability insurance goes further than what your basic general commercial liability business insurance plan. It gives you more coverage for a different type of risk and generally much larger financial claim. Operating in the disruptive, innovative, and comprehensive environment your business is working in today’s world insurance helps with financial security.

Who needs it?

  • Are you making decisions about the operations of your company?
  • Are you providing advice or guidance to your customers or clients?
  • Are people depending on you to provide the very best advice or a very specific outcome?

If so it is time to upgrade your business insurance to reflect this higher level of risk. Professional liability insurance can help you get there.

The good news is that this form of commercial liability insurance is readily available and it can be customized to address the specific risks associated with your industry and even your local environment. Talk to your business insurance agent today about upgrading your coverage. It could be what keeps your new business operational and growing rather than shuttering its doors for a negligence claim.

Peter Green Insurance

Life Insurance Approval with Sleep Apnea

Have You Been Diagnosed With Sleep Apnea? Get Out From Behind The Eight Ball.  Once…

7 months

How To Get Paid To Own Life Insurance For Your Business

How Whole Life Insurance Provides Business Owners with Unique Tax Benefits As a business owner,…

8 months

Does Your Business Rely On Employees?

Congratulations, you are doomed! Every man for himself, right? Wrong! In business, when you employ…

8 months

Executive Bonus Plan: Is Your Business Is Missing The Boat

What Is An Executive Bonus Plan? An Executive Bonus Plan, which is also known as…

6 months

How To Increase The Cash Value Of Your Business And Reduce Your Taxes Via Insurance

The average person may think of life insurance in terms of its most basic usage:…

6 months

Tax Implications Of Group Disability Insurance

We recently explored several of the reasons why employers benefit from providing group disability insurance…

8 months

This website uses cookies.