Professional Liability Insurance in Fairhope, Alabama
Your clients and customers expect your business to provide high-quality, consistent services. However, despite your best efforts, there may be times when things fall through the cracks or accidents impact your ability to deliver as promised. In these situations, losses and damages can quickly snowball, often leading to costly lawsuits and extensive consequences. Fortunately, you can equip your company with the resources to manage these difficult situations by retaining suitable professional liability insurance.
What Is Professional Liability Insurance?
Also known as errors and omissions insurance, these policies are a critical loss control measure for any business that provides professional services or offers expert advice to others. If a client, customer or other party accuses you of being at fault for their financial losses, professional liability insurance may render monetary aid for losses and legal costs, such as attorney fees, settlements and court-ordered judgments. Specifically, your policy may help respond to the following accusations:
- Professional errors
- Inaccurate advice
- Missed deadlines
- Misrepresentations
- Oversights
- Omissions
- Negligence
- Breaches of contract
How Much Coverage Do I Need?
A business’s professional liability insurance needs may vary significantly depending on its unique circumstances, such as the industry in which it operates, its services and its client base. For example, while a webpage designer and surgeon may both provide professional services, an error by the latter is likely to have more impactful and expensive consequences and may necessitate greater coverage limits.
Do Small Businesses Need This Type of Insurance?
A suitable errors and omissions insurance policy may be particularly important for small businesses, as such entities may lack the financial resources to pay for losses and lawsuits out of pocket. As such, even a single error or accusation could incur far-reaching fiscal ramifications that may even jeopardize a small business’s viability.
Get the Right Coverage
At Stillman Insurance Group, we’re prepared to help your business find comprehensive professional liability insurance coverage suitable to your unique needs. Contact us today to learn more or to get a free quote.