From architects to tech consultants, businesses providing professional services face risks that aren’t covered by Commercial General Liability (CGL) insurance. Professional liability insurance, also known as errors and omissions (E&O) insurance, fills this gap by protecting against claims of negligence, misrepresentation, or failure to perform professional duties.
Who Needs Professional Liability Insurance?
While some industries are legally required to carry professional liability insurance, most service-oriented professionals opt for it as a safeguard against potential claims. Professionals across diverse industries benefit from this coverage, including:
- Accounting firms
- Architects and engineers
- Attorneys
- Consultants
- Financial planners and accountants
- General contractors (plumbers, electricians, painters)
- Medical professionals, therapists, and medi spas
- Software developers and IT consultants
- Salons and personal trainers
Industry Risks and Coverage Highlights
Architects & Engineers
Firms may face claims related to project delays, cost miscalculations, or negligence of contractors, even when delivering quality designs. Professional liability insurance helps cover legal costs and settlements.
Attorneys & Law Firms
Lawyers are exposed to high liability risks due to the nature of their work. Misfiled paperwork or data breaches could result in costly claims. Malpractice insurance protects against defense costs and settlement payments.
Financial Professionals
Advisors and accountants bear immense responsibility for guiding financial decisions. Professional indemnity insurance protects against claims arising from misunderstood advice or regulatory breaches.
Medical Professionals
Doctors, pharmacists, and therapists risk malpractice claims, HIPAA violations, and negligence allegations. Medical malpractice insurance ensures the financial stability of healthcare providers.
Technology Consultants & Developers
Tech professionals can face claims for damages caused by software installations or missed project deadlines. Professional liability insurance provides protection for claims of negligence or failure to meet contractual obligations.
We Can Help You with Your Professional Liability Insurance Needs
At Swarts, Manning & Associates, we offer tailored advice to help you find the best professional liability insurance for your business. Contact us today for a complimentary consultation at (833) 878-2820.
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