Professional Liability Insurance
Professional liability insurance, also referred to as errors and omissions insurance, can be a very important type of insurance for your business to have. Businesses that are based on expertise in a specific field or subject face numerous risks without professional liability insurance. Experts have gone through rigorous, in-depth training in their specialty. Because of this, there are standards of work that must be met when they provide their services or advice. Failure to meet these standards has the potential to incur a lawsuit. Types of experts and businesses that need professional liability or errors and omissions insurance include:
- Doctors and other medical professionals
- IT Specialists
Sanford Insurance has experience providing professional liability insurance to many types of companies in various industries. We are dedicated to finding the type of coverage that your business needs in order to be protected.
Some of the specific types of professional liability insurance we offer include:
- Cyber Insurance
- Directors & Officers Insurance (D&O)
- Employment Practices Liability Insurance (EPLI)
- Medical Malpractice Insurance
How Professional Liability Insurance Protects You
Errors in Your Work – As humans, we’re all prone to making mistakes and errors. When errors are made in your work, it can end up costing you or your client money. If your error leads to a loss of money for your client, they may sue you. Your professional liability insurance will help you recoup the losses they’ve experienced.
Unfulfilled Expectations – When your business provides a service with a guaranteed result or outcome, but you ultimately fail to deliver this outcome, you may be facing a lawsuit. These expenses can also be covered by your policy.
Negligence – If your work is careless or negligent in a way that leads to expectations not being met, your company will be at risk of a lawsuit. Your professional liability insurance can provide for your costs in this situation.
Professional liability insurance is an insurance many businesses need. Lawsuits can be very expensive, time consuming, and stressful. Because of the uniqueness of different industries and services, this type of insurance must be tailored to fit the needs of your specific business. The Sanford Insurance Agency can help you find the perfect coverage for your business.