Every business and company face risks when dealing directly with customers or clients. Inaccurate advice, misrepresentation, and many other circumstances can result in a lawsuit from a third party. It is important for a business to take the proper precautions to protect their interests and finances from fines and penalties. Smith Insurance Agency has a team ready to help you with this issue.
Professional liability insurance can provide security for your business. This type of insurance allows you to have safeguards in place should a client or customer sue you due to the negligence of your actions or advice. Misrepresentation of a product can also result in lawsuits that are not covered by standard commercial insurance. Professional liability can be required in some states but is beneficial to anyone looking to cover all aspects of liability. This type of insurance is also sometimes called errors & omissions.
The amount of insurance you need will greatly vary depending on what type of service your company provides. Therefore, it is important to work with an insurance agent to customize the policy to fit your exact needs. Someone who works in the food industry is going to have different needs than someone who provides medical or legal advice. The advice you provide and consequences of what you misrepresent will also greatly influence how much liability you should acquire.
Professional liability insurance does not cover bodily injury or damage to people’s property. It will also not help with workplace illness for your employees. These are covered by various other policies that you can find in a commercial insurance policy.
If you are ready to learn more about a professional liability policy, do not hesitate to contact the agents at Smith Insurance Agency. Our team is proud to help Virginia businesses find the right coverage to protect their investments. Reach out to us by phone or visit our office for more information.
