Professional Liability Insurance
Professional services providers, such as financial advisors or business consultants are expected to have extensive specialized knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business.
What does Professional Liability Cover?
Professional liability insurance covers legal fees, expert witness fees, court and settlement costs, as well as court judgments. Work mistakes happen, but when you are an expert, your oversights can have a big impact on clients. Professional Liability Insurance protects you both when your practice performs inadequately and when you’re not at fault. So even if a disgruntled client brings a frivolous lawsuit against your firm, you’re still covered.
What is the Right Coverage for You?
There is no one-size-fits-all Professional Liability coverage. Each policy needs to be carefully crafted to make sure that the coverage being offered fits your exposures. That is why it is essential for owners of financial, analytical or consulting practices to find specialized insurance professionals that understand their unique coverage requirements.
Before Program Insurance submits an application, we take the time to speak with you to really understand the day-to-day activities of your practice and accurately define the risk factors. The content of the application is then measured against extensive research that we have conducted over the years. We specialize in creating custom policies for business appraisers, financial advisors, M&A firms as well as management and strategic consultants.