As a business owner, you work hard to provide your loyal customers with safe and effective products and services. But what if you or someone on your team accidentally makes a mistake that leads to injury, damage or other legal issues? You need protection designed to cover you and your business for the unexpected. That’s where professional indemnity insurance comes in.
In this blog we reveal what professional liability insurance is and why it is important, what type of business can benefit most from this type of insurance and how Central can help you get started with professional liability insurance today.
What is professional indemnity insurance?
Professional liability insurance – often called errors and omissions insurance – acts as a safety net for businesses. It provides protection if a customer or client sues because of a mistake made in the company̵7;s work.
This policy covers the cost of legal advice and helps pay the damages to those who suffer financial losses due to the insured’s mistakes.
Without this coverage, a business or professional may have to pay for defense costs and damages themselves – a situation that in many cases can lead to a business being financially ruined.
Who needs professional indemnity insurance?
Professional indemnity insurance is a crucial form of coverage for businesses in a variety of industries, as even the most competent professionals can make mistakes or face allegations of negligence.
While organizations of all shapes and sizes face this risk, some specific types of businesses are at higher risk of being sued for negligence or errors and omissions. These include:
- Cosmetologists and hairdressers
- Dog groomers and kennels
- Fitness studios and clubs
- Learning center
- Burial sites
Subscribe to the central blog for more insurance content delivered straight to your inbox.
Professional liability cover with Central Insurance
Central has provided professional liability insurance to commercial policyholders for decades, and during that time has come to understand the unique risks that different industries face. With that knowledge, we have developed a tailored coverage that can meet the needs of all organizations, large and small.
Central’s package also include coverage for defense costs, which can be a significant expense for policyholders without coverage in the event of a lawsuit.
Our agents come to the table with over 145 years of experience support our policyholders when they need it most, and we bring that knowledge to every interaction. We are proud to provide guidance and support your needs during the claims process and offer peace of mind for business owners who can be confident that they have the protection they need.
Invest in this key form of coverage today
Professional liability insurance is an important form of coverage for businesses and professionals looking to protect themselves against natural human error and accidents. Contact your insurance agent today to learn more about the benefits of these policies, and be sure to ask about Central’s unique range of comprehensive coverage options.