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