Professional Liability in Fairfield and Clifton, NJ
If your business provides services to clients or customers, you could face costly lawsuits in the event of alleged professional mistakes. Depending on your industry, liability insurance may exist under different names (e.g., medical malpractice insurance for medical professionals, errors and omissions coverage for real estate agents). But no matter what it’s called, professional liability insurance is crucial for any small business that provides professional or contract services to other organizations.
At Allwood Forlenza Agency, INC., we understand the importance of protecting your business from financial hardship. Contact us today to learn more about the professional liability insurance we provide and to speak to an insurance agent today.
What Is Professional Liability Insurance?
Professional liability insurance is a type of business insurance that can cover allegations of professional negligence and claims that your organization made professional mistakes or gave bad advice. It is a specialized type of coverage generally not included in standard homeowners policies, in-home business policies or business owner’s policies.
What Does Professional Liability Insurance Cover?
Your professional liability insurance policy can cover the cost of legal fees and settlement claims for numerous causes. While individual policies may vary, here are some common examples of what a professional liability policy may cover:
- Failure to meet a standard of care
- Failure to deliver a service on time
Generally, allegations your business caused bodily injury or property damage to a third party will not be included in a professional liability insurance policy. Lawsuits filed by employees alleging illegal employment practices, such as discrimination and wrongful termination, are also typically excluded from professional liability coverages.
Speak to your insurance agent to learn more about what is included. Contact Allwood Forlenza Agency, INC., for a professional liability insurance quote today.
Who Needs Professional Liability Insurance?
Professional liability insurance is not typically required by law for many industries. But even when it’s not legally required, many small business owners and contracting professionals choose to purchase a professional liability insurance policy to protect their assets and business from costly lawsuits.
Here are some professions that can benefit from professional liability insurance coverage:
- Financial advisors or investors
- Insurance agents and brokers
- Real estate agents and brokers
Call Allwood Forlenza Agency, INC., today to learn if you or your small business could benefit from professional liability insurance.
When Is Professional Liability Insurance Required?
Here are some instances where you may be required to get professional liability insurance:
- Federal regulations require it for your industry.
- State regulations require it.
- Your client requires it as part of your contract.
We’re here to help. Contact Allwood Forlenza Agency, INC., to get started.
How Much Does Professional Liability Insurance Cost?
Your insurance company will consider numerous factors when determining the cost of your professional liability insurance premiums. Here are some variables your insurer may consider:
- Coverage amounts and limits
Get the Professional Liability Insurance You Deserve
Finding the right insurance for your business can seem daunting. That’s why we’re here. Contact Allwood Forlenza Agency, INC., in Fairfield, New Jersey, to speak to an insurance agent today.