Your Back-Up: Professional Liability Insurance While You Work
As a professional, you are in a unique position with your clients as they rely on your expertise in the services and counsel you provide. While this is what makes your firm or practice a success, one mistake in providing those professional services can be costly. A client can allege that one of your employee’s negligence or error cost him or her financial harm, such a project delay that resulted in revenue loss or a conflict of interest that caused a legal case to falter.
Whether you’re an accountant, architect, engineer, attorney, IT consultant, real estate agent, healthcare provider, or general contractor that offers design/build services, among many other professionals, one thing is clear: You need to weather the impact of a professional mistake and protect your business and its assets with Professional Liability insurance. Ritter Insurance Agency, LLC offers customized Professional Liability insurance to a diverse clientele. Just as no two professions are the same, there is nothing cookie-cutter about this coverage. It’s important to have a professional like us who understands the business you’re in and the types of services you provide in order to tailor a policy that addresses your day-to-day risks.
How Professional Liability Insurance Works
Professional Liability insurance, also known as Errors & Omissions (E&O), covers claims alleging negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice that have resulted in a client’s financial loss. The cost of legal defense against claims and payment of judgments against you up to the limit of the policy are covered. The amount of E&O insurance you need and how much a policy costs depends upon the size of your firm and the level of risk it poses.