If you are an expert in a particular field and you use your expertise to make a living, than you are going to want to protect yourself with professional liability insurance. Also known as errors and omissions insurance (E&O), professional liability coverage can help to pay for any expenses that you may incur in the event that someone you offer your services to decides to file a lawsuit against you.
Protection Against Work Mistakes – No matter how hard you may try to avoid them, mistakes happen even, and they can happen to even the most experienced and knowledgeable experts. What happens if your mistake ends up costing a client money? They could end up pursuing legal action and file a lawsuit against you. If that happens, professional liability insurance is essential. This type of insurance covers the cost of any legal fees that you may be end up facing, such the cost of an attorney, court fees, and settlements that may be awarded to the person who filed the lawsuit.
Protection for Undelivered Services – Unfortunately, not all projects end up coming out the way that they are intended to. For example, if you promised a client that you would have a project completed by a specific date and you weren’t able to deliver, even if there were viable reasons for the delay, he or she could take legal action. The client could state that you breached your contract and ended up costing them money. Professional liability insurance will help to cover the cost of the losses that your client endured, as well as pay for any legal fees.
Protection Against Negligent Services – Being an expert in your field helps you earn clients and make money, but it also sets the expectations pretty high. Even if the expectations of your clients are high, they are probably pretty reasonable. For example, if you are an architect, you should be able to deliver a building that is structurally sound and offers the components that your client has approved. If, for some reason, there is any issue with the safety of the structure, a client could sue you for negligence.
If you are looking for state specific Professional Liability Insurance quotes, costs and information:
