Introduction
As a business owner, providing professional services to your clients is a top priority. However, mistakes and misunderstandings can happen, which is why professional liability insurance is an important part of any business insurance portfolio. In this blog post, we’ll discuss what professional liability insurance is and why it’s important.
What is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions insurance, is a type of insurance coverage that provides protection for your business in the event that a client files a claim against you for negligence, errors, or omissions in the professional services that you provide. This type of coverage can provide financial assistance for legal defense costs, settlement costs, and other expenses associated with a claim.
What Does Professional Liability Insurance Cover?
Professional liability insurance typically provides coverage for the following types of events:
Claims of negligence, errors, or omissions in the professional services that you provide
Claims of misrepresentation or misleading advice
Claims of breach of contract or breach of fiduciary duty
Why is Professional Liability Insurance Important?
Professional liability insurance is important because it can protect your business from financial losses resulting from claims made against you by clients. Without this type of coverage, your business could be at risk of bankruptcy or other financial difficulties in the event of a claim.
Conclusion
Providing professional services to your clients is a top priority for any business owner, but mistakes and misunderstandings can happen. Professional liability insurance is an important part of any business insurance portfolio and can provide critical protection for your business in the event of a claim.
Request a Quote Today
Ready to find the right professional liability insurance coverage for your business? Request a quote today by calling our office at 541-447-6372 or reaching out to us on social media. We’re here to help you find the right coverage for your business needs in Oregon, Washington, and the Pacific Northwest.