Professional liability insurance: A complete guide
You take pride in your work, carefully checking for mistakes and staying current on industry news and regulations. But even the most experienced professionals don’t get it right 100% of the time. One small oversight could lead to a costly lawsuit. In these situations, professional liability insurance protects you from the financial fallout.
Professional liability coverage, by definition, shields businesses from professional liability claims related to errors, misinformation and inaccurate advice. Without adequate coverage, professionals could be on the hook for thousands in legal fees and damages.
“A lawsuit is the easiest way for a small business to go out of business,” says Dominic Frey, a licensed insurance professional at Hitchings Insurance in Findlay, Ohio. “Liability insurance is the best safeguard to ensure a small business keeps its doors open after dealing with legal issues.”
This guide covers everything you need to know about professional risk insurance — who needs it, how it protects you, how much it costs and more.