If you work in one of the many fields where your job is providing professional advice to others, you may be facing more risk than you think. If you make an error or fail to mention something important to one of your clients (omission), they could be unhappy enough that they end up suing for damages. If this occurs, you’ll end up having to spend lots of money on legal costs and maybe even end up having to pay out a settlement or cover medical bills. Luckily, professional liability insurance can help.
What Is Professional Liability Insurance?
Professional liability insurance is a type of insurance coverage that is designed to protect those in fields where they are required to provide professional advice to others. It can cover things like legal costs, medical bills, and more. Professional liability insurance generally costs a small monthly or yearly premium to retain the coverage.
What Types of Businesses Need Professional Liability Insurance?
As mentioned previously, any business where your job is offering guidance or expertise should be covered by professional liability insurance. Some examples of businesses that need this type of coverage are:
- Insurance agents
If you make an error or omission while providing professional advice, you could be in for a world of trouble. Luckily, professional liability insurance can help protect you from the financial consequences of errors like these.