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Burnette Insurance Blog
Professional liability insurance for businesses in the service sector!
2/3/2012 10:29:04 AM
Most small businesses in Georgia are exposed to a range of common business risks and Georgia business insurance products such as business owner’s policies, auto insurance, and workers compensation insurance help with management of those risks. Owners of businesses that operate in the service sector and provide services to clients are exposed to additional risks and should consider purchasing professional liability insurance.
Professional liability insurance, or errors and omissions insurance, compensates a business owner for the cost of claims by clients that they have suffered because of services provided by your business. A real estate business, for example, might be sued by a client whose property sale falls through and the seller believes it was due to a negligent act or omission by the estate agent.
A lawsuit filed by an aggrieved client can cost a business dearly. You will have to pay high fees to an attorney for providing legal advice and defending your case in court, and there may also be the cost of damages awarded against you.
No-one is perfect, and it’s easy to make a mistake or error of judgment. Even if your business is perfectly managed and you are sure that no client has suffered because of a professional error, there is a risk of malicious or groundless lawsuits. Talk to your agent about including professional liability coverage in your Georgia business insurance!
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Professional liability insurance, or errors and omissions insurance, compensates a business owner for the cost of claims by clients that they have suffered because of services provided by your business. A real estate business, for example, might be sued by a client whose property sale falls through and the seller believes it was due to a negligent act or omission by the estate agent.
A lawsuit filed by an aggrieved client can cost a business dearly. You will have to pay high fees to an attorney for providing legal advice and defending your case in court, and there may also be the cost of damages awarded against you.
No-one is perfect, and it’s easy to make a mistake or error of judgment. Even if your business is perfectly managed and you are sure that no client has suffered because of a professional error, there is a risk of malicious or groundless lawsuits. Talk to your agent about including professional liability coverage in your Georgia business insurance!
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