Professional Liability Insurance covers the legal expenses associated with defending against claims of professional negligence, misrepresentation, or failure to deliver promised services. Even frivolous claims can be costly to defend, and this coverage ensures professionals have access to skilled legal representation without putting their business at risk.
If a professional is found liable for damages, this insurance covers settlements or court-ordered judgments. Without coverage, professionals may have to pay out of pocket, jeopardizing their business and personal assets. This coverage provides peace of mind, ensuring financial security even in the face of unexpected claims.
Professional Liability Insurance typically operates on a claims-made basis, meaning it covers claims filed during the active policy period, regardless of when the alleged incident occurred. Retroactive coverage can also be included to protect against past work, ensuring continuous protection for long-standing professionals.
Professional Liability policies can be tailored to specific industries, ensuring professionals receive coverage that meets the unique risks of their field. Whether you’re in legal services, healthcare, technology, finance, or consulting, customized policies help mitigate exposure to industry-specific liabilities.
Professional Liability Insurance is an essential coverage for any professional organization, helping protect both the company and its professional employees from costly legal claims that may arise from unintended negligence, errors or omissions. Ferrari & Associates provides tailored E&O insurance solutions designed to meet the specific needs of professionals like architects, engineers, accountants, healthcare and more.
An IT consultant misconfigures a client’s system, leading to a significant data loss. The client sues for damages, claiming negligence in service delivery. Professional Liability Insurance covers the legal fees and settlement.
A financial advisor is accused of providing misleading investment advice, resulting in client losses. The advisor’s policy covers defense costs and any financial compensation required by the court.
An architect makes an error in project specifications, causing costly construction delays. The developer files a lawsuit for the financial impact. Professional Liability Insurance steps in to manage legal costs and potential settlement.
*The information provided on this page is for information purposes only and should not be taken as insurance advice. For actual insurance advice, please fill out one of our forms, or call Ferrari & Associates at 1-888-467-8989
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