What is Professional Liability Insurance?
As a professional, it’s your responsibility to adhere to certain standards and best practices for your industry. If a client feels that you made a mistake or oversight with your services, they could claim that you didn’t meet those standards and sue your company for economic damages. Errors and omissions insurance protects you in the event that a client accuses your business of making a mistake (an error) or failing to do something (an omission) – even if that claim proves to be unfounded.
When you make a living off your expertise, you need comprehensive, cost-effective insurance to protect you financially from damages or legal costs that may arise. Professional liability insurance, also known as errors and omissions or professional indemnity insurance, provides the coverage you need. And when you get it from PeoplesAlly, you’ll save up to 20% over other providers.
Why Do I Need Professional Liability Insurance?
If your business is prone to making mistakes, you probably need professional liabiltiy insurance. Professional liability insurance from PeoplesAlly helps protect your business if you made a mistake (error) or failed to perform a service (omission). Professional indemnity insurance, another name for professional liability insurance, also covers the related defense costs, even from groundless claims.
Advantages of Having Professional Liability Insurance
In each of the below cases, professional liability insurance covers the costs for legal defense and damages. Plus, PeoplesAlly provides an attorney to represent you. PeoplesAlly also covers client damages – including punitive damages, if permitted by law in your state. Punitive damages can be quite high, as they are assessed by courts on top of other damages. This is an effort to punish those allegedly at fault even further. If your state allows these damages to be covered by an insurance policy, PeoplesAlly covers up to the policy limit.
Negligence
Negligence is the failure to use proper care in performing a task. An example would be that you are careless in handling a client’s data and it is stolen.
Errors
In this instance, you’re being held responsible for a mistake made by you or your employee that caused your client a financial loss.
Unfulfilled Promises
This is when you make a promise that doesn’t come to fruition for a customer, such as when you say your app will back up their data and it fails to do so.
What Does Professional Liability Insurance Usually Cost?
Typically, our professional liability insurance policies start around $250 and can go up into the thousands. This cost is based on a number of factors, such as your specific industry, the level of coverage you choose, your years in business, number of employees, revenue, and the policy limits you need. Professional liability insurance is an affordable way to further protect your business, but there are still ways you can further reduce the cost.
We specialize in offering popular insurance products for the new industry norm given the 2020 pandemic.
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PeoplesAlly is trusted by thousands of businesses no matter what size. We can help you meet your insurance needs in any industry or line of business.
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There are many kinds of insurance out there, but as an accounting & finance business owner, you have very unique needs. At PeoplesAlly, we’ll help you understand what kind of insurance is best for you. Just fill out a simple form online or speak with one of our licensed insurance experts to get a free quote. Plus, with PeoplesAlly, you can purchase a policy, manage it, and submit claims online for ultimate convenience.
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“The PeoplesAlly team is extremely knowledgeable and will work hard to find you the best quality and price available. Very professional, no bait and switch, and will give you the bottom line even if it means losing you as a customer. I appreciate honesty rather than sleazy sales people.
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