A Short Guide To Professional Liability Insurance

A Short Guide To Professional Liability Insurance

If you run a small business that provides professional services or gives advice to clients, chances are, you do your best to give your clients the most reliable information you can. Unfortunately, mistakes do happen and clients aren’t always happy with the guidance they receive. When this happens, there is a chance you could be sued for negligence. In order to protect yourself from situations like these, it is vital that you invest in professional liability insurance.

What Is Professional Liability Insurance?

Professional liability insurance is a type of insurance coverage that can pick up the cost of legal fees and settlements if you get sued by an unhappy client. It can save you thousands of dollars and even prevent you from going out of business if you get into serious trouble.

Who Needs Professional Liability Insurance?

Any business that provides advice to clients is at risk of facing a lawsuit. Some of the businesses that should purchase professional liability insurance are:

  • Consultants
  • Attorneys
  • Engineers
  • Architects
  • Counselors
  • Accountants
  • Real estate agents

In addition to these businesses, anyone that offers medical services should also consider purchasing a type of professional liability insurance called medical malpractice coverage.

When your business offers professional advice, there is a good chance you could face a lawsuit at some point. Professional liability insurance can go a long way towards protecting you from situations like these.