All businesses should be looking to protect themselves. This is why insurance is sought after by company owners. Professional Liability is one such form of insurance. Wondering about this type of insurance? If so, then you’ve come to the right place as we’re here to discuss what Professional Liability Insurance is and what the benefits are.
Claims of negligence when it comes to a professional service can be protected against if you have this insurance. To avoid confusion, it’s important to note that this insurance is the same as Errors and Omissions Insurance.
If you own a business that provides clients with advice or a professional service, this is the insurance you’ll want. This is put in place to protect you if a client sues over perceived failed expectations. There is a bevy of industries that benefit from the insurance.
Some of the businesses that benefit are:
The insurer is paid the premium by the business and in return, that business is given protection.
There are quite a few coverages available. Some types of coverage will provide legal defense. Others will assist companies that are being accused of negligence from international dealings.
Business owners can breathe easy knowing that the insurance will cover them even if claims from a lawsuit are baseless. The insurance can also protect you from lawsuits stemming from data breaches. If a client sues due to personal information being leaked as a result of such a breach, you will be covered. If a case does not play out in court and reaches a settlement, you will also be covered
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