Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance coverage that can protect against lawsuits, damages, and settlements that may arise from professional services. But who needs this coverage, exactly? In today’s post, we provide an answer.
As you read, keep in mind that this is a non-exhaustive list. Other professions may require E&O insurance even if they are not listed here.
Medical Professionals
Medical professionals such as doctors, dentists, chiropractors, and other healthcare providers are required to carry professional liability insurance. Malpractice suits against medical professionals can result in high legal costs, damages, and settlements, which can put their practices at risk.
Attorneys
Attorneys are also required to carry professional liability insurance. Attorneys may face lawsuits from clients who are unhappy with their representation, and professional liability insurance can offer coverage for the cost of such litigation.
Architects and Engineers
Architects and Engineers work on large-scale projects that can result in significant risks to clients in case of errors in design, specifications or construction. They are recommended to carry professional liability insurance to cover potential legal costs and damages resulting from lawsuits filed against them.
Accountants and Tax Preparers
Accountants and tax preparers are responsible for handling sensitive financial information and tax documents on behalf of their clients. In case they make errors or fail to provide adequate advice or guidance, they may be held responsible for financial damages. Professional liability insurance coverage is, therefore, essential to mitigate such and other associated risks.
IT Consultants and Engineers
IT consultants and engineers are liable for damages if their technological designs or products fail to perform according to client expectations. They are recommended to have professional liability insurance to cover the cost and damages that could arise.
Wrapping It Up
Professional liability insurance is essential for a wide range of professions that offer professional services that might expose them to risk. Medical professionals, attorneys, architects, engineers, accountants, and IT consultants are just a few examples of professions that need professional liability insurance.
Without it, these professionals could be at high risk of litigation that could put their businesses and finances in jeopardy. Choosing and maintaining the right liability insurance coverage is vital in operating a successful and protected business.
Need Professional Liability Insurance? Uniserv Is Here To Help
Whether it’s life insurance or business insurance, we offer a wide range of insurance solutions to protect the things you value the most.
We serve companies and individuals all over California. Call 888-698-6473 today or fill out the contact form to get the dependable protection you deserve.
