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Professional liability coverage

Mosaic Insurance, Prescott's independent insurance agency, recommends professional liability insurance for Prescott business owners. Many business owners may think they're well-covered but without professional liability coverage may find themselves unprotected from lawsuits, even frivolous ones, in the event of any errors or omissions on their part.

What Is Professional Liability Insurance?
Professional liability insurance, more familiar to most as errors and omissions (E&O) insurance, is a specific type of coverage designed to protect your company against claims from any professional services you provided that caused your client or customer financial harm resulting from mistakes (errors) on your part, or financial harm because you failed (omissions) to perform some service.

Even if a legal action against you turns out to be groundless, professional liability insurance can cover the costs to defend your company as well as certain damages that might be awarded. In some areas, E&O insurance is required by law for particular kinds of professional practices, especially the legal and medical fields where E&O insurance is customarily called malpractice insurance. Professional liability insurance is not part of your homeowners or general liability insurance.

E&O insurance does not protect against criminal prosecution. Under civil law, there is also a wide scope of potential liabilities that might not be covered unless explicitly addressed in your professional liability insurance policy.

Who Should be Covered?
The most common claims that professional liability insurance covers are misrepresentations, violations of good faith and fair dealing, negligence, and inaccurate advice. Some also cover privacy violations.

Other than the medical industry, businesses commonly protected by professional liability insurance include those in the technology sector, legal professionals and real estate professionals. They all need protection from losses that might result from errors and omissions or negligence in the performance and delivery of their services.

Additionally, many businesses might consider Management Liability Insurance, too. It's intended to protect partners and directors from equally financially devastating lawsuits. A business owner's policy is a good solution as it includes professional liability coverage.

If your Prescott business works directly with customers in providing services, you should be protected with professional liability insurance. For more information or to get coverage started, contact the experts at Mosaic Insurance today at 928-458-7374

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