Professionals are protected from claims of negligence or mistakes made in the course of their work by professional liability insurance, which is also known as errors and omissions insurance. Professionals who want to safeguard themselves against the financial and reputational risks associated with claims of negligence or errors made during their work should have professional liability insurance.
Professional liability insurance is important for the following reasons:
Protection from legal action: Clients and third parties can sue professionals for mistakes they make in the course of their work. Protection from lawsuits, which can be expensive and time-consuming to defend, is provided by professional liability insurance.
Security: Peace of mind and the ability to concentrate on your work without worrying about the financial consequences of a lawsuit can come from knowing that you have insurance coverage in the event of a claim.
Conformity with the terms of the contract: Professional liability insurance may be a requirement for doing business with some clients for professionals. Having this coverage can help you stay in compliance with your contract and win more business.
Management of reputation: A professional’s credibility and reputation can be damaged by a claim or lawsuit against them. By providing legal representation and financial assistance to cover damages, professional liability insurance can help to lessen the impact of such incidents.
Industry-specific requirements: Professionals in the fields of medicine, law, and architecture are all required by law to carry professional liability insurance.
Since 1967, R. A. Monk Insurance Agency, Inc. has been a full-service insurance company in Michigan. We build lasting relationships with our customers to help them safeguard their homes, businesses, and personal belongings. We value every client highly and look forward to adding you to our ever-expanding list of satisfied customers. Contact us if you are around Saginaw, Bay City, Flint, MI, Frankenmuth, Midland, and MI areas.