Professional Liability Insurance
Pipeline Insurance Services

Professional Liability Insurance

We live in a very litigious society, and lawsuits have become a very common problem for business owners, both large and small. As a business owner, it is very important to prepare yourself and protect the integrity of your business before a single accident or mistake turns into a claim against you.

Business Liability Insurance

What is Professional Liability Insurance?

Professional liability coverage, also called errors and omissions insurance or E&O insurance, is a policy that protects you and your business if you are sued for negligently performing your services -- even if you have not made a mistake! Professional liability coverage will protect you if a client is harmed from service or advice you provide for which you are held liable. A policy will usually cover:

  • Negligence, which is actual or alleged mistakes or advice your business made through professional services you provided.
  • Defense costs, which means your attorney’s fees and more are covered if your business is sued, regardless of who is at fault.
  • Services previously performed. Most policies will insure your current, future and previous work with a single policy.
Professional Liability Insurance
Do I Need Professional Liability Insurance?

Unfortunately, lawsuits can and do happen all the time to small business owners. What happens if you give financial advice that causes a client to lose money? What if a contractor's flooring installation causes someone to trip and get hurt? Many things can go wrong, and your business may not be able to survive the cost of litigation.

Even a frivolous lawsuit can be very expensive, but professional liability insurance will cover your legal fees to defend yourself. Small businesses pay $35 billion in annual out-of-pocket costs for lawsuits. You do not need to make your business another statistic or even go out of business because of a single frivolous lawsuit!

Professional Liability Coverage

Professional Liability Coverage Options

There are many options to tailor your liability insurance policy, including:

  • Errors and Omissions(E&O) Liability coverage protects you for mistakes made by employees who work for your business if you charge a fee for services. This includes covering you for failure to perform or contract violations.
  • Directors and Officers (D&O) Liability coverage protects your business's directors and officers if they are held liable for actions related to their corporate positions.
  • Fiduciary Liability covers claims that involve a violation of the Employee Retirement Income Security Act (ERISA).
  • Employment Practices Liability protects you if a worker claims his or her rights have been violated, including violations ranging from sexual harassment and ADA violations to mismanagement of employee benefits and wrongful termination.

Request a Professional Liability Insurance Quote

Is your business protected from possible mistakes or omissions on your part or through actions of your employees or subcontractors? Pipeline Insurance will help you choose a customized policy that covers you from all possibilities and allows you to focus on what you do best: running your business. Do not allow a single lawsuit to shut your doors; request a free professional liability insurance quote today.

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