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Frequently referred to as Errors and Omissions Insurance, Professional Liability insurance provides coverage for damages and defense costs due to failure or inadequate professional services. For example, a marketing consultant gives advice on how to increase revenues and sales to a company. The company doesn’t see the results that they expected and sue the marketing consultant. A Professional liability insurance policy would cover the cost of the lawyers and court fees incurred, whether or not the consultant was found to be at fault. You don’t have to make a mistake to be sued.
Professional liability insurance policies also cover the costs due to damages incurred for clerical mistakes or faulty products or services that you used with your clients. If an error occurs because a stylist uses a bottle of dye that recently changed their formula and caused their client to have bright red hair, or an assistant accidentally types in a comma instead of a period when entering a product into the client’s online system causing the client to lose thousands of dollars in revenue, your company will be protected from these types of simple errors with a professional liability policy.
Examples of professions that require this type of insurance are (but not limited to):
- Architects and Engineers
- Real Estate agents
- Salons and other beauty industry professionals
- Technology providers
- Medical professionals