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Will Professional Liability Insurance Cover Me Even If The Case Is Without Merit?
A major benefit of this policy is that extends to the court costs and lawyer fees associated with legitimate and frivolous lawsuits. You and your business will be protected against any lawsuit alleging professional neglect under your professional liability coverage regardless of whether or not the claim holds merit or not.
So when your real estate business is thrown in court over selling a supposedly misrepresented home, you can rest assured the legal fees are covered regardless of the judge’s ruling.
What’s the Difference Between Professional Liability and General Liability Coverages?
Although both pertain to risks associated with the scope of doing business, professional liability insurance, and general liability insurance differ in fundamental ways. Each covers its own set of risks, and is in place to protect you should things go wrong.
While general liability coverage typically has to do with accidents that occur as a result of your business, like slips and falls on site or damaging a client’s TV during a routine carpet cleaning, professional liability insurance covers claims of professional error or neglect such as those made in contracts or even product labels.
Is Professional Liability Insurance the Same As Errors and Omissions Insurance?
While referred to with different names, professional liability insurance and errors and omissions (E&O) insurance are essentially the same thing. These terms are often used interchangeably and are both designed to protect business professionals from claims of misconduct, negligence, and misinformation.
It keeps your finances secure when you give advice that a client claims led to their harm in some way.