As a business owner, you strive to provide safe and effective products and services to your loyal customers. But what happens if you or someone on your team happens to make a mistake that leads to injury, damage, or other legal issues? You need protection designed to protect you and your business from the unexpected. This is where professional liability insurance comes in.
In this blog, we’ll reveal what professional liability insurance is and why it’s important, which businesses can benefit the most from it, and how Central can help you get started with professional liability coverage today.
What is Professional Liability Insurance?
Professional liability insurance — often called errors and omissions insurance — is like a safety net for a business. It provides protection in case of a lawsuit by a client or client due to an error in the course of business work.
This insurance covers the costs of legal counsel and helps pay damages for those who suffer financial losses due to the insured’s mistakes.
Without such insurance, the business or professional may have to pay for defense costs and losses out of pocket – a situation that could lead to the bankruptcy of the business in many cases.
Who Needs Professional Liability Insurance?
Professional liability insurance is an important form of insurance for businesses across industries because even the most competent professionals can make mistakes or face charges of negligence.
While organizations of any shape and size face this risk, some specific types of businesses are at higher risk of being sued for negligence or errors and omissions. These include:
- beautician and hairdresser
- funeral director
- Dog Groomers and Kennels
- Gym and Club
- Learning centre
- flower shop
Subscribe to the Central Blog for more Central insights like this delivered straight to your inbox.
Central Insurance’s Professional Liability Insurance
Central has always provided professional responsibility Insurance For decades, commercial policyholders have come to understand the unique risks faced by different industries. Armed with this knowledge, we develop tailor-made coverage that can meet the needs of any organisation, no matter the size.
central pack Coverage for defense costs is also included, which can be a huge expense for policyholders without coverage in the event of a lawsuit.
Our agents come to the negotiating table 145 years of experience Supporting our policyholders when they need them most, we bring this knowledge to every interaction. We are proud to guide and support your needs during the claims process and give business owners peace of mind knowing they have the protection they need.
Invest in this important form of insurance today
Professional liability insurance is an essential form of insurance for businesses and professionals looking to protect themselves against natural, human error and accidents.Contact your insurance agent today to learn more about the benefits of these policies and be sure to ask about Central’s unique range full coverage option.