If you own a business that provides advice or services, you are at risk for being sued by clients or customers. However, with Pennsylvania professional liability insurance, you can protect your assets and reputation.
As a type of errors and omissions insurance, professional liability insurance protects you when clients accuse your business of negligence. The coverage helps pay any defense or settlement costs that accumulate over the course of a lawsuit. You may owe thousands of dollars to a particular client, and your insurance can lessen the financial burden.
Any business that provides advice or services to clients needs to have professional liability insurance. People expect professionals to have expert knowledge and training, and mistakes are not easily forgiven. Some of the professionals who benefit from having coverage include doctors, lawyers, engineers, architects, and accountants.
These types of policies are written on a claims-made basis, meaning claims must be reported while your policy is still in effect. Some insurance companies offer retroactive dates and full protection, and you should check the terms of your policy to see if you qualify for such options.
Some business owners think that general liability insurance provides adequate protection, but such policies often exclude professional services. If you have yet to acquire Pennsylvania professional liability insurance, contact an insurance company, and a representative will help you craft a comprehensive insurance policy.