Professional Liability Insurance
Valley Agencies offer reliable, professional liability insurance. In the business world, where the reputation of a professional or business is everything, our insurance can offer the coverage you need to safeguard your image, career, and financial future.
If you are a business owner providing professional services, professional advice, or contractual services to your clients, our professional liability insurance company is just right for you!
Understanding Professional Liability Insurance
Professional Liability Insurance, often referred to as Errors and Omissions (E&O) Insurance, is a specific form of coverage that is intended to protect professionals and businesses from financial losses resulting from claims of negligence, errors, omissions, or professional malpractice. Some people use general and professional liability insurance interchangeably; however, general liability serves a different purpose.
General Liability Insurance usually covers bodily injury property damage, basically claims that arise from everyday business operations and the physical risks associated with them. It safeguards against accidents and injuries that may occur on your business premises or due to your products or services.
On the other hand, professional liability insurance focuses on claims related to professional services and advice. As a trusted insurance company for professional liability insurance, Valley Agencies provides coverage for legal expenses, settlements, or judgments resulting from allegations of mistakes, oversights, or failure to meet professional standards in your work or services offered.
What Our Professional Liabilities Insurance Covers
At Valley Agencies, our professional liability insurances provide coverage for a wide range of scenarios that can impact professionals and small business owners. Mistakes can always happen, and you may end up facing financial repercussions.
However, even if you have not done anything wrong and firmly believe that you have not made any mistake, you may still end up getting sued by a customer or client. If you do not have proper coverage, you may have to pay a hefty amount in the form of legal fees, which will be coming straight out of your pocket.
As a professional liability insurance company, here are some elements we provide coverage for
Professional Negligence
Protection against claims that your professional services or advice caused financial harm to a client or third party.
Claims of Misrepresentation
Coverage for claims that you provided inaccurate information or misrepresented facts
Personal Injury Claims
If you or your business are accused of slander or libel, be it true or false.
Legal Defense Costs
Coverage for the costs of defending yourself or your business in a lawsuit, including attorney fees, court fees, and settlements
Copyright Infringement
Protection against claims of using someone else’s intellectual property without permission
Failure to Deliver Promised Services
Coverage for situations where you fail to deliver services as agreed upon in your contract. This may include the work or services delivered by your permanent workforce or temporary or contractual employees.
What Our Professional Liability Insurance Does Not Cover
While professional liability insurance provides cover for a wide range of elements, it has limitations and does not provide coverage for certain types of claims. It does not extend its protection to the following:
Bodily injury or property damage – In cases where your business is held responsible for causing bodily harm to someone or damaging their property, it is essential to have a general liability insurance policy in place to address such claims.
Work-related injuries or illnesses – If your employees sustain injuries or fall ill due to their job duties, the appropriate coverage is workers’ compensation insurance, not professional liability insurance. This policy helps injured employees recover and facilitates their return to work.
Data breach – In situations where your business experiences a breach resulting in the loss of personally identifiable information, you will need data breach insurance to manage the aftermath. Some insurance firms refer to this coverage as cyber liability insurance, which aids in responding to data breaches effectively.
How Does Our Professional Liability Insurance Work
When you have professional liability insurance from Valley Agencies, the process of handling a claim usually follows these steps
Claim Notification
When a client or third party alleges professional negligence, they will notify you and us as your professional liability insurance company.
Investigation
As your insurance provider, we will investigate the claim, including reviewing relevant documents and talking to all parties involved.
Legal Defense
If necessary, we will provide legal representation to defend you in court.
Settlement or Judgment
If the claim is valid, we will work towards a settlement or cover the judgment costs up to your professional liabilities insurance policy’s limits.
What Type of Business Can Be Covered by Our Professional Liability Insurance?
As a reliable insurance service provider for commercial concerns, we cater to a wide range of insurance coverages. Our professional liability insurances are not limited to specific sectors or industries. Rather, they can benefit a wide range of business concerns and professionals. Whether you are a new business, an existing expansive setup, or a small business, we can assist you in potentially saving money via our professional liability insurance. This coverage is particularly valuable for:
Medical and Healthcare Professionals – Doctors, nurses, therapists, and other healthcare providers
Legal Professionals – Lawyers, paralegals, and legal consultants
Consultants – Business consultants, management consultants, and financial advisors
Technology and IT Professionals – Software developers, IT consultants, and cybersecurity experts
Creative Professionals – Graphic designers, writers, photographers, and artists
Financial Services – Accountants, financial planners, and investment advisors
Real Estate Professionals – Real estate agents, property managers, and appraisers
Small Business professional liability insurance – Any small business or individual providing professional services or advice can benefit from our policy. These include beauty salons, beauticians, photographers, personal trainers, family or mental health counselors, etc.
Get Professional Liability Insurance Today
Professional Liability Insurance serves as a shield for professionals and businesses. It provides the security and peace of mind necessary to navigate the challenges of today’s competitive professional world and cater to customer demands efficiently.
By offering the right insurance coverage that is tailored to your specific industry and needs, we at Valley Agencies ensure that your reputation and financial future are protected. You can trust us for comprehensive Professional Liability Insurance in Stillwater. Do not leave your professional liability to chance; contact us today to explore your options and secure your future success.