What Is Professional Liability?
In the professional world, mistakes happen, and sometimes they can be costly. Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, is your safety net against the unforeseen pitfalls that could tarnish your reputation or lead to legal tangles.
What Does Professional Liability Cover?
Professional liability can protect your business from claims of:
Did a client suffer due to perceived negligence on your part? Professional Liability Insurance steps in to cover the damages and settlement costs
In the event that someone accuses you or your business of using their copyrighted work without permission.
In the event that a client claims false or misleading information led them to enter into a contract agreement with you or your company.
Protects you in the event that a client claims your advice led to financial losses or your services fell short
Protects you in the event that someone accuses you or your business of libel or slander, regardless if the claims are verified or not.
In the unfortunate event of a lawsuit, legal defense coverage keeps you from paying legal fees out of pocket
Who Needs Professional Liability?
If your business provides a service to clients, then you need professional liability insurance. Some businesses that can benefit from professional liability coverage include:
Insurance Agents (ironic right?)
How Much Does A General Liability Policy Cost?
Here's some factors that can affect the cost of a professional liability policy:
1. Industry Risk: Different industries face different risks. If you're in a high-liability profession, the cost might reflect that.
2. Coverage Limits: The more coverage you want, the higher the premium. It's like choosing between a basic cable package and one with all the premium channels – more perks, more cost.
3. Business Size: The larger your business, the more coverage you might need, impacting the cost. It's like saying, "More clients, more exposure, more coverage needed."
4. Claims History: A clean record may translate to lower premiums. It's like a good driving history getting you a better deal on car insurance – past behavior matters.
5. Location: If your business operates in a litigious environment, it might affect the cost.
Let The DDA help you insure your business against claims! Call us at 404-947-5010 or start the quoting process yourself by clicking the link below!