Professional Liability Insurance
Need E&O (errors and omissions) or EPLI (employment practices liability insurance) coverage?
We can help you get a fast, free policy quote right now.
How Can Professional Liability Help Me?
Who Needs Professional Liability Insurance?
When you offer professional services, you have to provide your clients with accurate, safe products, advice and recommendations. Should you fail in this duty, you could invite financial losses or other harm upon the clients in your care. Your business might have a duty to compensate the affected customers for their losses.
For situations like these, professional liability insurance can benefit even the smallest of businesses.
The Idea Behind Professional Liability Coverage also Known as Malpractice Insurance
Liability insurance comes into play when someone harms another person, their property or finances. A policy might help you repay that person for their losses.
Professional liability insurance applies in more specific situations of professional or clerical errors. If the advice or service you provide harms someone else, this coverage can protect you. For example, if you are an accountant, you might make a mistake on a client’s tax forms that means they lose considerable money. The client might sue you for the losses they sustain. Professional liability insurance can provide funds to settle costs like these.
What are the Benefits of Professional Liability Insurance?
Since errors, incorrect advice and poor services might harm customers, they might also harm the business. Lawsuits, settlements and other costs could drain a business’s accounts should it have a duty to repay affected customers. A professional liability policy can safeguard a business’s finances in the event that it makes a mistake.
Always remember that professional liability coverage can come in many shapes and sizes. You’ll need to tailor your coverage to your specifications. Your insurance agent can assist you in this task.
What Does EPLI Stand For and How Does it Work?
Talk to your agent about enrolling in employment practices liability insurance (EPLI) along with your other coverage. This coverage varies slightly from professional liability protection, and focuses on the company’s internal practices. For example, should an employee or prospective hire sue you for discrimination or harassment, this coverage can come into play. It will work in a variety of scenarios where someone alleges that your on-boarding or retention practices proved illegal.
To get appropriate professional liability coverage, you’ll need to work with one of the experienced agents at Easley Hedrick Insurance & Financial. We’ll help you tailor your coverage to your needs, so don’t hesitate to call one of our offices in Mechanicsville, Richmond or Chatham or request a free quote online now!