Do you offer services in the fields of health, law, or finance? Would a single mistake, or even an alleged mistake, on your part cost a customer a significant amount of money? If so, a professional liability insurance policy could provide the protection you need to run a successful business.
What Is Professional Liability Insurance?
Professional liability insurance, also known as malpractice insurance or errors and omissions (E&O) insurance, covers claims related to your professional services and advice. This includes bodily injury and property damage claims, as well as losses related to missed deadlines, failure to deliver products or services on time, failure to meet industry standards, and copyright infringement claims. It provides compensation for legal expenses, settlements, and judgments.
However, there are certain types of damages that professional liability insurance does not cover. For example, you’ll need a separate general liability insurance policy to cover accidents that occur on your premises. If you’re concerned about hacks and data breaches, a cyber insurance policy is essential. Additionally, if you operate a business with employees, you’ll need workers’ compensation insurance to cover on-the-job accidents. It’s also important to note that professional liability insurance does not cover claims related to allegations of criminal activity.
Call ALLConnecticut Insurance for Coverage Options for Your West Hartford, CT Business
ALLConnecticut Insurance serves business owners and entrepreneurs in and around West Hartford, CT. We offer commercial insurance policies and policy bundles from multiple carriers, making it easy for you to find the coverage you need without unnecessary delays. Contact us today to learn more about our policy options or to start the process of purchasing the insurance policy that’s right for you.