business partners looking over insurance plans

At Blue Lion Insurance Advisors, LLC, we are often asked to explain whether it is important for businesses to have Professional Liability Insurance as well as General Liability coverage. In almost all cases, the answer is Yes. While General Liability offers protection from physical risks, such as bodily injuries and property damage, Professional Liability covers more abstract risks, such as errors and omissions in the services your business provides. 

Most of us are aware of the widespread damage that can be caused by a personal injury lawsuit if, for example, someone slips in a puddle on the floor of your office or factory (premises liability). We are also familiar with the extent of the problems that may result if someone is seriously injured by a product your company has produced or marketed (product liability). 

Many of us, however, fail to realize that a less tangible mistake — such as an incorrect medical notation, an architectural mistake, or an improperly filled out tax form — can also put your business at grave risk. You needn’t be a doctor, lawyer, or accountant to be in danger. Think of the possible trouble an error or omission made by a home inspector, computer technician, or beautician can cause and you begin to get the picture.

Why Your Business Needs Professional Liability Insurance

All professional practices and the vast majority of companies keep files of client/customer data on their computers. This means that your business, like others, is vulnerable to online slip-ups, as well as other human errors, that may result in financial and/or reputational harm to your clients or customers and, therefore, disastrous consequences for you.

Lawsuits against your company or against you personally that stem from such harm can be more costly than you realize. It is possible for settlements or verdicts to be large enough not only to hurt your profit margin but to threaten your business’s very existence.

Our experienced advisors will provide you with a broader array of options and more objective advice than agents whose loyalty is to one particular insurance company. Call Blue Lion Insurance Advisors, LLC at (732) 649-1600 or contact us online so we can assess your commercial insurance needs.

When Professional Liability Insurance Is Especially Critical

While just about every company can benefit from Professional as well as General Liability coverage, for professions in which an error or omission is more likely to result in expensive, reputation-damaging lawsuits having both is absolutely essential. The following list, though not all-inclusive, gives an idea of the types of businesses for which Professional Liability Insurance is crucial:

  • Law
  • Medicine
  • Real estate
  • Accounting
  • Residential and commercial construction
  • Technology & manufacturing
  • Architecture & engineering
  • Healthcare & beauty
  • Home inspection

Before you fall victim to accusations and lawsuits concerning misrepresentation, inaccurate advice, negligence, or unfair dealing, let us make your insurance protection Blue Lion Strong™

Reasons Professional Liability Insurance Is Necessary

We know how important it is to you to protect your business, yourself, and your loved ones from the turbulence of accusations and lawsuits, whether or not there has been a misstep. We also know how unexpectedly an issue that may cost you dearly can arise, threatening your finances, your reputation, and possibly your business itself. 

Contacting Blue Lion Insurance Advisors, LLC to assess your need for Professional Liability Insurance is a wise move, considering that:

No matter how careful you are, mistakes happen. Professional Liability Insurance will cover you for errors and omissions as long as they were not intentional or criminal in nature.

Professional Liability Insurance covers a broad spectrum of professional services and will pay for out-of-court settlements as well as court-awarded damages. 

In the current climate, people are all too likely to sue to win damages, even if they are not seeking justice. Whether the verdict of a lawsuit goes against you or you decide it’s more practical to settle out of court, you may have to deal with legal costs as well as damages. Professional Liability Insurance will cover both.

Lawsuits are time-consuming and, since time is money, can be costly– win or lose. A Professional Liability Insurance policy can pay you an income while you are busy fighting a civil lawsuit.

You may be sued individually even if you are an employee of a company since in many cases a plaintiff may sue more than one party. Be aware that you (as an individual) may not be fully protected by a corporate insurance policy. 

Professional Liability Insurance can cover you for unintentional breaches of privacy that may put your patients, clients, or customers at heightened risk of identity theft, such a prevalent problem in today’s world. Cyber Insurance is one of the primary types of Professional Liability Insurance almost all businesses need. 

Professional Liability Insurance can even cover you for reputational harm, providing the funds necessary to clear your good name over the internet and through the media.

You needn’t be a doctor, lawyer or accountant to be at risk. Think of the possible trouble an error or omission made by a home inspector, computer technician, or beautician can cause and you begin to get the picture.

Contact Us to Find the Best General & Professional Liability Insurance for Your Business

Lawsuits can intrude on your successful practice or business without warning. Imagine the relief

you will experience knowing that you have both General and Professional Liability Insurance policies in place if and when such a situation arises.  Call Blue Lion Insurance Advisors, LLC at (732) 649-1600 or contact us online to get the Right Insurance Coverage, at the Right Price with Superior Client Service.