Professional Liability Insurance

The definition of professional liability insurance may vary from profession to profession, but for the most part, it refers to legal protection from any of the errors or omissions that are inevitable when you offer professional services. When you make mistakes, the client may suffer a loss. In this case, professional liability insurance is there to protect you.

Errors and Omissions Insurance

Brokers, consultants, lawyers, real estate agents, designers, financial advisers and architects often purchase errors and omissions liability insurance. These types of professions are backed by knowledge and advice. Clients who take that advice and act on it may feel that the service provided resulted in some type of loss, damage or injury.

Liability Insurance for Directors and Officers

This type of liability insurance is meant for high ranking company employees. It protects them in the event of errors or negligence.

Malpractice Insurance

This type of insurance helps medical professionals who have been accused of negligence or making mistakes. At times, even medical professionals who work for a company that has malpractice insurance will opt to get their own coverage as well.

Professionals opt for professional liability insurance so that they’re protected if claims are made against them. Whenever a patient or client feels wronged by your service, you’re at risk of facing a lawsuit. When you have professional liability service, your personal assets will be protected regardless of the outcome of the situation or case.

Additionally, some professionals choose to get their own liability insurance because they’re concerned that their employer won’t support them throughout a legal process. When there’s a conflict of interest, the company’s insurance may not cover an individual. If you don’t have your own coverage, the cost of the case could be deducted from your personal assets.

If you are a business and offer professional services, call Credo 1 Solutions today at  (703) 803-8191 to speak with one of our qualified insurance agents about how professional liability insurance can benefit your company in Northern Virginia.