Individuals who make a living by providing professional advice or services to clients are required to adhere to certain standards and best practices for their industry. If this describes you or your business, you run the risk of a customer feeling that you made a mistake that negatively impacted them and suing you for the financial damage they believe your mistake caused became.
Professional Liability Insurance, also known as Errors & Omissions or E&O insurance, is designed to protect you from such situations. It covers things like oversight, negligence and error. In all of these cases, biBERK’s professional liability insurance can cover the costs of your legal defense and any damages that are awarded to the person or company suing. biBERK may also cover so-called punitive damages where permitted by law in your state.
Punitive damages can be very high as they are assessed by courts in addition to other damages claims to further punish the alleged culprit. If your state allows these damages to be covered by error and omission insurance, biBERK can cover you up to the insurance limit. In addition, biBERK will provide you with a lawyer so that you do not have to go through the hassle of looking for one yourself.
But what if the lawsuit your client has filed is frivolous, meaning what he’s alleging is completely false? Does professional liability protect your business from unfounded lawsuits? In short, the answer is yes, it can. Professional liability insurance can protect you from the financial consequences of actual and perceived errors and omissions. Whether you made a mistake or the customer just says you did, biBERK is here for you.
How much does professional liability insurance cost?
biBERK professional liability insurance policies start at around $300 per year and can run into the thousands. your exact cost of professional liability insurance (which you can get online quickly and for free…
