Professional liability insurance, also commonly known as Errors and Omissions (E&O) insurance, is a crucial form of coverage for businesses operating in service or consultancy industries. This insurance safeguards businesses and business owners from potential claims of negligence or failure to provide the expected or intended results. In this comprehensive guide, we discuss everything you need to know about Huntington’s professional liability insurance, its various types, and the importance of having the right coverage for your business.
Why Professional Liability Insurance Matters
In today’s increasingly litigious society, lawsuits against businesses are more common than ever. As a business owner, it is essential to be prepared to protect the integrity of your company if an incident or mistake results in a claim. Professional liability insurance covers potential losses that are not typically covered by a general liability policy, thereby providing an extra layer of protection for your business.
Separation from General Liability Insurance
It is important to note that professional liability insurance is separate from a general liability (GL) insurance policy, which mainly covers bodily injury or property damage liability. While GL insurance is crucial for your business, adding professional liability insurance to your coverage portfolio ensures that your company is protected from negligent claims made by third parties or even internal sources.
Types of Professional Liability Insurance
Professional liability insurance can take on different forms or names, depending on the industry and specific risks associated with your service or consultative-related business. Some of the common types of coverage included in professional liability insurance are:
Errors and Omissions Liability (E&O)
E&O insurance covers any mistakes made by employees who work on behalf of your business, particularly if your business charges fees for its services. This coverage can include errors such as failure to perform or violations of contract. Depending on your industry, your insurance needs may vary.
Directors and Officers Liability (D&O)
Financial protection for your business’s directors and officers is crucial in case they are held liable for actions related to their corporate positions. D&O insurance covers situations such as conflicts of interest, mismanagement of company assets, and violation of laws.
Fiduciary liability insurance covers claims that involve the violation of the Employee Retirement Income Security Act (ERISA). For example, if a manager violates ERISA’s financial rules, having statutory insurance can protect your company from liability if you do not do business carefully. or failure to enroll employees.
Employment Practices Liability
With proper employment practices and liability insurance, your business can be protected if a worker claims that their rights have been violated. This coverage can range from harassment and discrimination to violations of the Americans with Disabilities Act (ADA) to improper management of employee benefits and wrongful terminations.
Choosing the Right Insurance Provider
As a responsible business owner, it is essential to select a reliable insurance provider to safeguard your company and its investments. At Huntington Insurance, we differentiate ourselves from other insurance agencies by focusing on educating our customers about their coverage options. Our team strongly believes in the “knowledge is power” philosophy and will help you make the best decisions for your business and employees.
The Huntington Insurance Approach
At Huntington Insurance, we serve small- to medium sized businesses all along the South Shore, MA, and offer a wide range of business insurance options. Our experienced agents will work closely with you to evaluate the risks associated with your service or consultancy business and provide appropriate coverage through one of our highly-rated insurance carriers.
Free, Comparative Quotes
Huntington Insurance offers free, comparative quotes on professional liability or Errors & Omissions insurance from multiple insurance carriers so you can get the best possible rate. To see how much we can save you, simply request a quote and find out.
Industries That Benefit from Professional Liability Insurance
Various industries and professionals can benefit from having professional liability insurance. Some examples of businesses and professionals that should consider this coverage include:
- Insurance agents
- Medical professionals
Area of Service
Huntington Insurance specializes in providing professional liability insurance to businesses in Huntington Park, California, and surrounding areas such as Bell, Downey, Los Angeles, Maywood, and South Gate.
Claims Assistance and Customer Support
At Huntington Insurance, our staff is dedicated to providing exceptional customer support and assistance throughout the entire insurance process. In the rare situation that you need to file a claim, our team will go the extra mile to help resolve it and get you back to the whole in a timely manner.
Our commitment to providing excellent service has earned us the trust of numerous satisfied customers. One such customer, Matt M., the President of Analog Group Inc., Walpole, MA, shares his experience:
“I have been in business and personal insurance with Huntington Insurance for over 15 years and am proud to be a partner with Huntington Insurance. It is always a pleasure to work with courteous, friendly, and knowledgeable staff. In the rare situation that I’ve had a claim, they go the extra step to help resolve it and get me back to the whole in a timely manner. I highly recommend them.”
In conclusion, professional liability insurance is essential for businesses operating in service or consultancy industries to protect themselves from potential claims of negligence or failure to provide the expected or intended results. By choosing a reliable provider like Huntington Insurance and ensuring your business has the right coverage, you can effectively safeguard your company, employees, and investments.
So, don’t wait any longer. Give us a call today at 323-587-4115, and let one of our experienced agents evaluate the Liability risks unique to your business or profession and help you find the perfect insurance solution.