The Insurance Information Institute explains why it is so important that business owners have professional liability insurance. Many people who own their own business, regardless of whether they conduct business from their homes, or from another place altogether, may not realize the importance of adding PL insurance to their existing business owners policy or in-home policy.
The reason this type of insurance is so important is because of the possibility that a client could sue you, and if that were to happen, you might lose everything for which you’ve worked so hard. Should you get sued, PL insurance is designed to protect you.
As a professional, you are held to a certain standard, based on the knowledge and training you have in the field you work in. If you fail to provide your service with the skill and professionalism that your profession demands, a court could hold you legally responsible for your client’s suffering. When a liability claim is filed and it is determined to be the result of negligence, PL insurance is referred to as “errors and omissions liability.”
Don’t risk losing everything because your business gets sued. Contact Stromsoe Insurance Agency for information regarding all of your business, professional and other insurance needs.