Benefits of a Customized Professional Liability Policy

Benefits of a Customized Professional Liability Policy

Unless you are an insurance broker, understanding insurance (especially business insurance) can be tricky. Which policies do you need? How much coverage do you need? One of the most common misconceptions regarding commercial insurance is that a general liability insurance policy will cover companies that are accused of making a mistake or failing to do something that financially harms a customer or third-party. That’s not the case. If your Orlando business provides a professional service of any kind, only Orlando Professional Liability Insurance will cover you in that scenario.

Orlando Professional Liability Insurance: An Added Layer of Protection

Accounting firms, architects, law firms, real-estate agents, and property managers are all examples of professional services providers that can benefit from a custom liability insurance policy. Because customized policies are tailored specifically to each business, they provide protection for the unique allegations that clients could level against you.

Defending an Errors and Omissions (E&O) Lawsuit is Incredibly Expensive

As noted in an article on Investopedia, financial services providers are especially prone to E&O lawsuits, because when these professionals make mistakes, the financial ramifications to their clients can be huge. In the financial services sector, when a provider makes even a minor mistake, it can result in extreme financial losses to a client. Even when an accountant or financial planner is hit with a bogus lawsuit and a court or arbitration panel rules in their favor, the cost to mount a defense can be exorbitant. These are the reasons why securing a custom E&O policy is essential for professional services providers.

About Newman Crane & Associates Insurance

Deciding what coverages you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. We encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.