We at The Insurance Place are dedicated to answering these questions as well as finding you the right insurance coverage for your California business. After all, our main goal is to provide you with a more well-informed approach to insurance shopping while offering you affordable insurance plans.
Learn all about these business plans and find great professional liability insurance rates right here at The Insurance Place!
What is Professional Liability Insurance?
Professional liability coverage definition: a form of liability insurance that protects your business from malpractice and negligence claims. Commonly known as errors and omissions insurance, these plans protect you from claims in which your business caused damages to a client or client’s property.
Much like surety bond California, a professional liability plan can save your business from financial jeopardy caused by court cases. In a way, you have surety in case you fail to complete a service, while professional liability covers the court costs if you do.
Professional liability insurance helps protect professionals in a variety of fields:
Professional errors and omissions insurance differs from general liability insurance in that the latter only covers bodily injury, property damage, and personal or advertising injury. Professional liability covers claims that aren’t covered by other policies but can still lead to a court case.
Even professionals make mistakes. And when they do, they rely on professional liability to help them recover. Are you a professional in your field? Get professional insurance now and get protected!
What Does Professional Liability Insurance Cost?
You can choose from our many different types of insurance to protect your business. Available at a variety of budgets, we stand out among professional liability insurance providers to give you great coverage.
So if a business owners policy offers you well-rounded insurance and a general liability plan covers your basic needs, why do you need professional liability insurance?
Look at it this way: a liability claim can cost you hundreds of thousands of dollars. These claims can arise from several circumstances:
If you failed to perform a product or service
If your client suffered a financial loss as a result of your work
If your product or service contained an error or omission
When your business is found liable for an alleged failure to perform what was promised, your business might not have the funds to pay for it. If you can’t recover from an expensive, lengthy court case, your business could face closure. Therefore, the relatively low professional liability insurance cost is many times worth what your business could potentially suffer.
Do You Need Professional Protection? Get Insured Today!
So why buy professional liability errors and omissions? After all, other insurance plans exist to protect your business from liability claims. However, when you need an absolute amount of protection for your business, these plans can save you from paying thousands of dollars in court costs.
Affordable professional liability coverage is out there for every kind of business—for consultants, brokers, and even medical professionals. If you provide advice or a service, you could be found liable for an error or omission in your service. Don’t endanger your business by not having the right amount of coverage!
Contact us or call at 877-358-7722 and get the right policy for your needs. With the great coverage of a professional policy, you’ll have everything you need to protect your business.
As the owner of a small business, I have a lot of hats to wear. Because of my trust in Name and The Insurance Place, one I don’t have to wear is that of an “insurance expert”. I rely on Chris and the excellent support staff at The Insurance Place to not only advise me about the important changes in the insurance industry, but also to act as my representative, shopping my insurance needs to competitive suppliers for the best prices on the best coverage. Name is a true insurance professional and I value his counsel greatly. Of all the professionals I lean on in my day-to-day operation, Name ranks up there with my attorney, accountant and banker as a key advisor.
What is a Surety Bond?
The legal definition of a surety bond is a form of insurance between a business, a client and a third-party surety bond company that guarantees that contracted work will be completed and protects the business in the event that the contract obligations are not met. This helps build trust between a company and client and provides piece of mind for both parties.