There’s no question that you’ve paid your dues to get to where you are today. All the years of schooling, then additional coursework in your field of study to obtain the certifications and designations to which you are entitled as a professional provider (not to mention the hefty student loans that took years to pay off); internships and other training, working with mentors; carving out time in your busy schedule for continuing education as necessary to maintain currency in your industry; until finally–you got your big break. After all you’ve gone through to carve out your own niche in the business world, it stands to reason that you will want to protect everything you’ve worked for from harm–and that is the driving reason why you should realize that the professional liability insurance cost of a premium is insignificant compared to the expenses you could incur should something go wrong.
What the policy covers
This coverage, also known as errors and omissions insurance, gets its name when it applies to businesses and individuals that offer professional advice or services–think lawyers, doctors, accountants, architects, designers, and such. The policy covers the insured in the event you are found liable in claims of negligence, errors, or harm that causes financial loss or other damages to others. The coverage protects you whether you are at fault or not–a major plus considering lawsuits are not only time consuming but can be extremely expensive. In some instances, such as in the legal and medical professions, the coverage is required by law due to the greater potential for harm (and lawsuits as well).
Weighing risks against coverage costs shows value of coverage
Don’t let the lack of professional liability insurance cost you your peace of mind, a substantial amount of your assets, or even your entire business. With all of this at stake, it is clear that the need to contact a professional insurance agent about this important coverage cannot be stressed enough. Your agent can offer information about your industry’s contractual requirements for the policy, if applicable; discuss cost feasibility; and tell you more about the potential for claims. Call an agent today to learn more.