If you or your company makes a living off your expertise, Professional Liability Insurance (Errors & Omissions Insurance) is imperative for your company. This includes professions such as engineers, lawyers, doctors, IT consultants, accountants, architects and more. If your work fails to meet standards set by your state, industry or your contract with a customer, you open yourself to substantial risk which this insurance helps to compensate for.
Professional Liability Insurance
What Professional Liability Insurance Usually Covers
- Work Mistakes. When you get sued for making an error that costs a client money.
- Undelivered Services. If you promise a client a particular result from finished work as part of a contract and it isn’t fulfilled this insurance will help pay lawsuit expenses.
- Negligent Services. If your work doesn't meet the standard set, it can help pay legal expenses from being sued.
Did You Know?
The median cost of a contract dispute is $91,000.
Court Statistics Project
What Professional Liability Insurance Usually Does Not Cover
- Intentional wrongdoing and illegal acts.
- General Liabilities.
- Employee Injuries.
- Employment Disputes.
- False Advertising.