Professional Liability Insurance

Risk management and loss control are essential parts of responsibly operating your business. These priorities may be critical when you regularly provide services or professional advice to clients and customers, as even a slight miscalculation or lapse in attention could incur costly consequences. Professional liability insurance is a valuable investment.

What Is Professional Liability Insurance?

Also known as errors and omissions insurance, these policies can establish a versatile and robust financial safety net for your organization. Should you or your employees make a mistake or be negligent in your duties, affected parties may blame you for resulting financial losses and file potentially costly lawsuits. In response to such situations, your professional liability insurance coverage can help pay for losses and legal expenses, such as attorney fees, settlements and court-ordered judgments.

Why Is Professional Liability Insurance Important?

Professional liability insurance is one of the most common and essential types of business liability insurance, potentially shielding your company from the fiscal ramifications of possible errors. Even if you are eventually found innocent of being at fault for an accuser’s losses, the facts may not be uncovered should you lack coverage and be unable to fund your legal defense. Additionally, professional liability insurance may help establish credibility and trust between you and your clients, potentially leading to additional prospects.

How Much Does Professional Liability Insurance Cost?

Professional liability insurance rates may be calculated using a comprehensive analysis of perceived risk levels. During this process, insurance carriers may often consider the following criteria:

• Location

• Industry

• Years in business

• Number of employees

• Previous insurance claims

• Coverage limits

• Deductible

Compare Professional Liability Insurance Quotes

At 1st Liberty Insurance Agency, our team works with a vast network of highly rated carriers and will leave no stone unturned when seeking out the right coverage for businesses in the Port St. Lucie area. Contact us today to learn more.