Miscellaneous Professional Liability Insurance – Does Your Business Need this Coverage?

Posted on April 22, 2021 by admin
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Companies that perform professional services for others can make mistakes, overlook important data, misstate facts, be misunderstood, leave out critical data, miss deadlines, etc. and be subject to legal allegations of professional negligence.  A professional liability lawsuit alleging negligence, errors, or omissions can be triggered by almost anyone who is impacted by the professional service your company provides.  The broader the list of services your business performs and the larger your client base becomes, the greater the need you likely have for Miscellaneous Professional Liability insurance protection.

It is important to remember that your company doesn’t have to do anything wrong to be accused of a wrongful act, error, or omission.  It’s true that a large portion of lawsuits are meritless, but they are still quite costly to defend.  Professional Liability Insurance covers the legal costs to defend your company whether the allegations have any factual basis or not.  If the allegations do have merit, the insurance can pay for those economic claims of loss up to policy limits purchased, subject to the policy terms and conditions.

Considering Your Business Professional Liability Exposures

Some of the more common industries that often have a Miscellaneous Professional Liability exposure include Consultants, Travel Agents, Event Planners, Property Managers, Real Estate Professionals, Accountants and Auditors, Insurance Professionals, Investment Advisors, Interior Designers, Software Developers, Graphic Designers, Architects and Engineers, Landscape Designers, Commercial Fire Protection Systems Designers, Salons, Personal Trainers, etc.

When you are considering your exposures, ask yourself these questions:

  • Do we ever make suggestions to a client that could be misunderstood or incorrectly executed?
  • Is it possible that our clients could be at financial risk if my business makes mistakes?
  • Are there a lot of variations in the services we provide from one client to another?
  • Do we have access to our client’s proprietary data?
  • Do our clients rely upon and further distribute to others the business product or information that we provide?

If you answered yes to any of these questions, then consulting with your insurance professional at Rooney Insurance Agency, Inc. will help you to identify your exposures and determine your need for coverage.  Your business was born, grew, and is continuing to thrive because of your sound business judgement.  Don’t risk your businesses’ long-term viability by not also insuring the Miscellaneous Professional Liability exposures.

About Rooney Insurance Agency

Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.