Your business requires a variety of insurance policies to protect you from specific claims and incidences. When you are looking for an insurance company for professional liability, here are a few things you should know before you begin your search.
What is Professional Liability Insurance?
Professional liability insurance is another name for errors and omissions insurance, which protects your business assets from claims related to negligence. Negligence refers to actions that fail to meet defined expectations. For example, failure to record data or administer medication can be considered negligent and a form of medical malpractice. Misrepresentation, inaccurate consultations and certain violations of business dealings are also included under professional liability insurance. The insurance covers the costs associated with compensation and legal claims without compromising your daily cash flow.
How Do I Find the Right Coverage?
In order to find the right plan for your business, consider the types of products or services you provide. If your deliverable’s include inherent risks, you may need stronger coverage. Weigh the deductible against monthly premiums. Consider policies that include a “duty to defend” clause so that your provider is obligated to defend your position in a court of law.
Above all, when you are searching for an insurance company for professional liability, make sure you are knowledgeable about your business needs and what the policies offer, and choose a company and agent you can trust.