When you run a business you need to make sure that you are covered for a wide variety of liability claims. Every business is different, so it is important to have the right coverage for your specific business. Professional Liability Insurance is for those who offer professional advice or services to others. Because standard liability tends to cover only damage to property or personal injury, you need professional liability insurance to cover a variety of other professional claims. So who needs professional liability insurance?
Professionals Giving Advice – If you work in a field where you regularly give advice to others, you are a strong candidate for professional liability. This advice can range from medical advice from a doctor or personal advice from a counsellor, to a builder’s advice for a home addition. If your advice leads to harm or does not live up to the expectations that your client has set for you, they can claim negligence on your part.
Professionals Selling A Product – You sell a product to customers and you find out that in some cases your product didn’t work as it was intended. An example would be selling software that malfunctioned and failed to perform the task it was intended for. Another example would be selling a cart that you told customers could hold 50lbs, but broke when used under the weight of 45lbs. If your customer didn’t sustain bodily harm or property damage their claim would fall under a professional liability claim.
Professionals Where Errors & Omissions Could Cause Serious Problems – If you work in a field where you are required to write in depth reports or analysis, or you do a job such as a notary public, attorneys, and real estate brokers, professional liability is a must. By missing a key piece of information you could do substantial harm to a client’s case, and they could in turn hold you responsible for damages.
Professionals Who Are Contractually Obligated to Perform Certain Tasks – If you breach a contract and do not perform all of the tasks expected of you for the price that was agreed upon, you could find yourself being held responsible for a contract breach. Professional liability insurance can help you with your claim.
If you work in a field that serves the public in some way, and many businesses fall into this category, you should consider professional liability insurance for your business. ABCO Insurance offers quality coverage for small businesses at affordable prices. Call us today to learn more about our business insurance offerings, and learn how we can help your business stay covered.
Learn more about Professional Liability Insurance here – http://abcoinsuranceagency.com/professional-liability/