Professional liability insurance is an important tool to protect your company against the claims you make for the professional services you offer. If you end up making an error, be it intentional or negligence, your company would be at risk of being sued by the client or customer who claims he/she lost money or assets in some way due to your mistake. Any individual or organization offering services which involve making recommendations, giving advice, or providing professional services, can benefit by securing professional liability insurance.
If you are still wondering if you should or shouldn’t get professional liability insurance, here are some reasons that will make you think twice:
Reason#1- So You Have All O’s And E’s covered!
Professional liability insurance is also known as ‘Error and Omission Insurance’; this means it is designed to protect you from losses that could result from a claim based on errors and omissions due to negligence in the performance of your services. Once you secure professional liability insurance, you can be sure that your business assets are safe.
Reason#2-Professional Liability Insurance Has Always ‘Got Your Back’
Securing professional liability insurance means hiring a group of litigation specialists who know the best possible strategies in case things go wrong. They also know different ways to defend claims against you. To be precise, they know things you probably don’t. All you need to do is provide all the requested information and sit back, knowing that if you ever receive a claim you are not alone.
Reason#3-Budgeting For Insurance Is Easier Than Budgeting For A Trial
Having dedicated legal advice can be quite expensive. Having professional liability insurance means that all the cost of defending a claim against you and the damages (if you are found liable) are covered, provided that you keep paying your premium and the deductibles. Remember that a trial is a sticky situation to be in, and an expensive one too; so it is always better to be on the safer side with liability insurance.
Reason#4-Have Your Peace of Mind
Although clichéd but it fits right here; as a business owner, you are bound to make mistakes at some point or time and this could put your assets at risk. Professional liability insurance means having protection against what could be outrageously costly mistakes.
There you go! Just a few reasons why securing a professional liability insurance is all in your favor! If you are looking forward to securing professional liability insurance in California, stop waiting and get your free quote today. You can also contact us at SOS Insurance for more information!