As a business owner, you work hard to provide your loyal customers safe and effective products and services. But what will happen if you or someone on your team happens to make a mistake that results in injury, damage, or other legal issues? You need protection designed to cover you and your business in the face of the unexpected. That’s where Professional Liability Insurance comes in.
In this blog, we uncover what professional liability insurance is and why it’s important, what kind of businesses can benefit most from this type of coverage, and how Central can help get you started with professional liability insurance today.
What is Professional Liability Insurance?
Professional liability insurance—often referred to as errors and omissions insurance—acts like a safety net for businesses. It provides protection in case a client or customer sues because of a mistake made in the business’ course of work.
This insurance covers the price of legal counsel and helps pay for the damages awarded to those who suffer financial losses due to the insured’s mistake.
Without this coverage, a business or professional may have to pay out-of-pocket for defense costs and damages—a situation which, in many cases, can lead a business to financial ruin.
Who Needs Professional Liability Insurance?
Professional liability insurance is a crucial form of coverage for businesses across industries, as even the most competent professionals can make mistakes or face allegations of negligence.
Though organizations of any shape and size face this risk, a few specific types of businesses are at higher risk of being sued for negligence or errors and omissions. These include:
- Beauticians and barbers
- Funeral directors
- Dog Groomers and kennels
- Exercise studios and clubs
- Learning centers
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Professional Liability Coverage with Central Insurance
Central has been providing professional liability insurance to commercial policyholders for decades, and in that time, has come to understand the unique risks that different industries face. With that knowledge, we’ve developed tailored coverage that can meet the needs of any organization, big or small.
Central’s packages also include coverage for defense costs, which can be a significant expense for policyholders without coverage in the event of a lawsuit.
Our agents come to the table with over 145 years of experience supporting our policyholders when they need it the most, and we bring that knowledge into every interaction. We pride ourselves on providing the guidance and support your need during a claims process and offer peace of mind for business owners who can rest assured they have the protection they need.
Invest in This Key Form of Coverage Today
Professional liability insurance is an essential form of coverage for businesses and professionals looking to protect themselves against natural human errors and accidents. Get in touch with your insurance agent today to learn more about the benefits of these policies, and be sure to ask about Central’s unique array of comprehensive coverage options.