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What You Need to Know About Professional Liability Insurance
If you are facing a lawsuit alleging financial harm resulting from the failure of your product or service, this liability coverage can provide defense and indemnification.
Our team will help you assess the risks your professionals face when acting in their respective capacities. We will also help you craft a risk management plan with comprehensive insurance that covers these key liabilities.
Protect your business against lawsuits
Professional liability insurance protects your business from lawsuits, court and legal fees, administrative costs and damages. There are various instances where professional liability coverage can protect your business from litigation. One example is failing to provide a service such as software development, within the required completion deadline. This negligence can set back a company’s operations, resulting in financial harm that your company could be sued for. A professional liability policy will cover damages and provide for the cost of litigation for a covered claim.
Technologies errors and omissions insurance
Another example is failing to provide the most recent information concerning a given product or providing a product that damages the end-user asset, such as a computer. In both instances, you could face lawsuits for the damages. Professional liability is sometimes referred to as technologies errors and omissions insurance. The two are the same except a technology errors and omissions policy is more specific to the communication and technology businesses. Our advisors will conduct a comprehensive risk assessment to identify all professional liabilities your company faces. We will also help you determine what risk you should retain or transfer to another party.