The Advantages of Carrying Professional Liability Insurance

professional liability insurance

Small business owners and professional individuals understand the importance of protecting their livelihood. The best way to do this is to keep customers satisfied and provide service competently. Unfortunately, though, this isn’t always enough. We live in an enthusiastically litigious time, and one lawsuit can threaten the career and business that they have worked so hard to build. Professional liability insurance can mitigate this risk and provide insureds with priceless peace of mind. You can empower business owners and professionals to protect their investments with a professional liability insurance policy.

A Versatile Insurance Option

For several reasons, the importance of professional liability insurance cannot be overstated. Perhaps the greatest of these reasons is the power of this policy to provide versatile coverage to a range of clients. Is your client a licensed massage therapist serving individual clients? Perhaps they are a content creator who works as an independent contractor. Professional liability insurance covers business owners and individuals across a wide variety of sectors and professions. You can create policies for your clients that are customized to meet the needs of their specific field.

Minimize Personal Liability

One of the greatest benefits of professional liability insurance is its ability to minimize personal liability. Many professionals underestimate their own liability in the event of a lawsuit, and unfortunately, this can have disastrous consequences. Even employees of companies can be sued as an individual for their actions on the job. Small business owners and individual practitioners are especially vulnerable to legal action. Nearly any worker can benefit from the protections afforded by an effective professional liability policy.

Protect Business and Income

Of course your clients want to minimize the risk and consequences of a potential lawsuit, and a professional liability policy can do that, but that’s not the only benefit it can provide. If an insured does sustain a lawsuit, the expenses involved can put a major dent in their income. This, in and of itself, can be devastating. An effective professional liability policy will prevent this from happening, though, by providing coverage for income lost due to time spent on a defense. This can be a lifesaver for businesses and individuals who are victims of frivolous lawsuits.

Coverage for a Variety of Claims

In addition to serving a variety of clients, professional liability policies cover a variety of claims. Claims can range from injury and negligence to misrepresentation and acting in bad faith. All of these events can be covered by a professional liability policy, and at the end of the day, mistakes happen. Business owners don’t intend to harm their customers, but when mishaps happen, your clients need protection to keep their livelihood intact. Professional liability insurance can be that protection for your clientele.

About Cochrane and Company

For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (509) 462-1148.

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