Professional liability insurance, also known as errors and omissions (E&O) insurance or malpractice insurance, is designed to protect businesses and professionals from claims or lawsuits resulting from mistakes, negligence, or errors in the services they provide. This type of coverage is essential for those offering professional services where the risk of human error is present.
Professionals such as doctors, healthcare providers, lawyers, accountants, architects, engineers, and consultants may need malpractice insurance to protect themselves from potential lawsuits or legal claims related to their professional services. Professional liability insurance is crucial for those offering specialized services, as it safeguards against unexpected losses resulting from errors, negligence, or omissions. Without this coverage, professionals could face significant financial losses due to lawsuits or claims. Safebound’s brokers can help you secure the best coverage at competitive prices to ensure your business or practice is protected.
If a business or individual makes an error or is negligent while providing professional services, they may be liable for any resulting damage to a client. This insurance covers legal fees, settlements, and associated costs.
If a professional or business fails to meet the terms of a contract, they may be held responsible for damages. Professional liability insurance can help cover legal costs and settlements.
If accusations of fraud or unethical behavior arise, professional liability insurance can assist with legal costs and defense.
Even if a claim is unfounded, defending against it can be costly. Professional liability insurance covers the legal fees incurred during such defense, protecting your financial interests.
We’re happy to answer any questions you may have and help you determine which of our services best fit your needs
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