Some companies need specific kinds of Commercial Insurance coverage because of the nature of their business and their risk factors. Restaurants have higher liability risks because of the potential for accidents, retailers need to protect merchandise from theft or damages, and both tend to have a larger number of workers. But what about businesses that don't have high customer traffic, a large workforce, or lots of merchandise to protect?
Businesses that offer professional advice or recommendations to clients, such as engineers, accountants, inspectors, architects, and lawyers, typically have few physical assets to protect, low employee rosters, and few customers on site. But what they do face is a higher risk of liability claims stemming from unhappy clients who took their professional advice or used their services. For these kinds of businesses, Professional Liability Insurance is the ideal kind of coverage when liability issues arise.
In today's Aegis blog post, we'll discuss Professional Liability Coverage, what all the policy covers, and which businesses need it the most.
What Is Professional Liability Coverage?
Professional Liability coverage is a specialized Commercial Insurance policy that protects businesses that provide a professional recommendation or service, or make opinions on behalf of clients. For example, architects and engineers could be sued for poorly designed or incomplete building projects, an accountant could be sued for negligence or providing incorrect financial information, or an attorney could be hit with a lawsuit for offering misleading or unclear legal advice.
What It Covers
With Professional Liability coverage, business owners can have the financial resources to cover the costs associated with a client lawsuit, such as court costs, attorney fees, and legal judgements or settlements against them. Without this coverage, companies would be forced to pay for these expenses out of pocket as they would not likely be covered by other forms of Commercial Insurance. It can also help protect companies with allegations of libel or slander or other claims related to previously completed jobs.
Does Your Business Need It?
If your company offers services, advice, or professional recommendations that are not tangible but could still result in a financial loss for clients, then you need Professional Liability Insurance to protect the future of your business. A single lawsuit from an unhappy or aggrieved client could cost your business a significant amount of money, time, and resources. Professional Liability coverage ensures your business has the financial resources to both run daily operations and cover court costs and judgments related to liability claims.
Aegis Insurance & Financial Services is committed to providing clients with top quality Commercial Insurance policies, ranging from Professional Liability, General Liability, Business Auto, Commercial Property, and Workers Compensation coverage. Our team of Commercial Insurance experts can help your company evaluate any possible gaps in coverage and create a strong insurance portfolio that protects what matters most, all at competitive rates.
Contact Aegis today at 713-850-7622 for more information, or fill out our online form to request a free quote!