Professionals insurance protects your business against common claims
What Does Professionals Insurance Cover?
Professionals insurance protects your business against common claims from your clients such as negligence, personal injury, copyright infringement, misrepresentation, and inaccurate advice.
Your professionals insurance coverage is unique to your business and depends on factors such as your industry and the type of product(s) and service(s) you offer to clients.
While general liability insurance protects your business from physical injuries and property damages caused by the daily operations of your company, professionals insurance gives you protection for risks that aren’t covered, such as errors and omissions coverage.
Typically, professionals liability insurance provides:
- Errors and omissions coverage – protects your business from client lawsuits and claims arising from a mistake in your professional services. It helps you cover legal defence costs and settlements from claims of negligence, errors in services given, omissions, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
- Undelivered services – covers client lawsuits and claims stating a promised service wasn’t delivered by your business.
- Accusations of negligence – covers client lawsuits and claims stating your business failed to exercise care and ethical behaviours, such as meeting industry standards.
- Missed deadlines – protects your business from claims stating you miss a deadline for a client, such as missing their tax return filing deadline.
- Breach of contract – protects your business if your client files a lawsuit claiming you breached the client contract.
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What Types of Businesses Require Professionals Insurance?
Any type of business that sells its expertise can benefit from professionals insurance and should consider purchasing it.
Here are some businesses that should consider professionals insurance:
- Accountants
- Consultants
- Dental clinics
- IT and tech companies
- Marketing and media businesses
- Photographers
- Offices
- Architects
- Engineers
- Electricians
- Real estate agents
Sometimes, your clients will want to see that you have adequate policies before they want to do business with you. It helps them ensure that they are protected if your company fails to deliver, breaks the contract, or causes damages.
Need a Quote on Professionals Insurance for Your Business?
Regardless of the type of business you operate or your industry regulations, it’s always good to have professionals insurance as an extra layer of protection.
Anything can go wrong despite your best efforts to reduce risks. And when things go wrong, even if you’re not at fault, professionals insurance can cover you.
Ready for a quote on professionals insurance? Reach us online or call 1 (855) 777 4376 today.
