Common Types of Professional Liability

Professional liability protection is crucial regardless of your business’s industry. When you run into problems with omissions, negligence, or errors when providing professional services, you may have to deal with expensive lawsuits and damage to your business’s reputation.

As you read, you will learn how professional liability coverage can help businesses mitigate risks, keep their professional standing, and protect their assets. No matter how big or small your business is, it can benefit from you knowing different types of professional liability insurance.

Errors and Omissions Professional Liability

Errors and omissions liability is a common coverage. This insurance can help protect your business when it faces claims of negligence, omissions, and errors during professional services. Professionals such as lawyers, accountants, and architects may find this coverage helpful.

Not only can this professional liability insurance help cover legal defense costs, but it can also help with the damages awarded because of a lawsuit. When your business faces legal challenges, this coverage may give you protection so the business can continue its operations as usual during this time without worrying about financial setbacks.

Cyber Liability

Because many companies now operate online, you may face new concerns with cyber liability, which can include anything from data breaches to cyberattacks. Problems can ensue when a business stores financial information and intellectual property.

With the modern world being so connected, protecting yourself against cyber attacks that may lead to legal ramifications, reputational damage, and financial losses is more important than ever. This kind of professional liability insurance offers you a way to cover expenses related to data breach notifications, legal fees, forensic investigations, and even some regulatory fines. Businesses can recover from cyber incidents and keep their customers’ trust.

Directors and Officers Liability

Directors and officers liability insurance is another type of coverage that protects executives and directors of a company from personal liability for decisions related to their roles. This professional liability insurance is key for executives who want coverage for breaches of fiduciary duty, negligence, or claims of mismanagement.

When a business has this coverage, it receives protection for legal defense costs, judgments, and settlements from lawsuits brought against directors and officers. This liability insurance is also vital for retaining talented and high-level workers, helping them make decisions without worrying about personal financial liability.

Finding Professional Liability Coverage

Professional liability helps safeguard your business from a variety of troubles, including financial losses and reputational damage. When you understand more about common types of liabilities, like errors and omissions, directors and officers, and cyber liability, your business can better avoid risks.

If a company chooses to invest in this kind of protection, those in charge can focus more on providing quality services than worrying about financial troubles. Contact us to consult with an experienced insurance professional and learn more about the right liability coverage for your business. With it, you can thrive in today’s market and keep your reputation positive when facing possible legal challenges.

 

About Byrnes Agency 

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

If you’ve enjoyed what you’ve read here and would like to know when we’ve published a new blog post, please “like” us on our Facebook page, and share this with your Connecticut neighbors.