Tennessee professional services firms need special errors and omissions coverage.
Businesses that provide professional services to clients need more than commercial general liability insurance to protect them from claims of financial harm to others. While general liability insurance protects against a broad range of potential damages, professional services firms need more coverage to protect against lawsuits related to negligence or wrongdoing in the work that they do.
Firms or individuals that provide professional services to clients need professional liability insurance, or errors and omissions insurance. Lawyers, Certified Public Accountants, consultants, contractors, architects and engineers are professions that have traditionally required this type of coverage. Today, more firms are discovering the need for professional liability insurance as a means of limiting losses related to lawsuits. We recommend that actuaries, real estate agents, advertising and public relations firms and numerous other types of professionals explore investing in professional liability coverage.
Professional liability insurance covers financial harm to others.
Professional liability insurance covers professionals, their partners, their employees and the partnership or corporation for damages caused by providing or failing to provide professional services. It provides coverage client claims that you have provided erroneous advice or service, or that you have been negligent or caused harm by omission. Whether a claim is actual or alleged, professional liability insurance will cover defense costs as well as any settlements or judgments that you are required to pay.
Professional services firms can customize their errors and omissions policies to address their specific risk exposures, however, professional liability policies typically exclude coverage for:
- Criminal, fraudulent or malicious acts;
- Bodily injury or property damage;
- Workers’ compensation claims;
- Punitive damages; and
- Areas of your business where other liability coverage or business insurance applies.
Expert, quality advice and top-quality insurance company partners.
Professional liability insurance is very complex and requires a business insurance consultant with specialized knowledge and experience. The business insurance experts at Strate Insurance Group can make sure your professional liability insurance policy is tailored to the risks you face, and can examine your entire business insurance program to recommend top-quality, comprehensive coverage.
Contact the business insurance agents at Strate Insurance Group today for all of your Tennessee business insurance needs.