No business is immune to potential liability claims. Liability lawsuits can occur in every type of business. Deciding which liability insurance will best protect you if you are sued by a client or third party can be difficult. Errors and omissions insurance is the general term for liability coverage for professionals. Business owners that provide some type of professional service to the public are better served with liability insurance that is tailored to their particular risks.
What Liability Coverage Is Right for Professional Service Providers?
Any company claiming to have knowledge that sets it apart from the general public is subject to potential liability. If a client sues for potential malpractice or other errors, the legal fees can be devastating. Miscellaneous professional liability coverage is designed to fit the unique needs and risks that your business faces. MPL insurance protects many professional service providers, including:
- Stock brokers
- Financial consultants
When selecting an insurance agent, make sure they are knowledgeable in the current market climate, as well as the types of risks you face.
No business owner wants unhappy clients to make allegations against their company, but without proper coverage you may face insurmountable legal fees and settlements. Speak with your insurance agent to help you find the best coverage for your business.