Professional Liability Insurance

Professional Liability Insurance Aliso Viejo, CAOwning a business is a great accomplishment. There are many situations that can be a great source of pride for a business owner: first employee, hitting a major sales goal, getting awards from the community, the list could go on. However, a situation could arise where you could be sued for negligence, personal injury or copyright infringement to name a few. These situations have the potential to be a huge financial drain on your business funds. Having Professional Liability Insurance can help protect your business assets and give you some piece of mind.

Professional Liability Insurance includes, but is not limited to:

  • Negligence (alleged or actual)
  • Cost of Legal Defense
  • Personal Injury (libel, slander, etc.)
  • Copyright Infringement
  • Claims and damages
  • Non-permanent staff
  • And More!

Should yourself or someone associated with your professional services commit libel or slander, fail to deliver your service/product or if the question of copyright infringement pops up, your professional liability insurance may help offset the costs of defending your reputation. Professional liability insurance does have some limitations. The following situations are not covered under a professional liability policy:

  • Bodily Injury
  • Property Damage
  • Fraud
  • False Advertising
  • Patents and Trade Secrets
  • Employment Issues
  • Customer Identifiable Information

Professional Liability Insurance (Errors & Omissions)

Errors & Omissions (E&O) covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies. Legacy Insurance LLC recommends that all professional and technology companies have E&O coverage.

Employment Practices Liability Insurance (EPLI)

Employment Practices Liability Insurance for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. If you have employees, Legacy Insurance LLC recommends considering this type of coverage.

Directors and Officers Insurance (D&O)

D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well.

If you think your business could benefit from a professional liability insurance policy, talk to an agent at Coastal Oak Insurance Services today. We will help you find a plan that is right for your budget and business.