No matter what type of company you own or work for, if you offer professional services or advice then you are exposed to Manassas Professional Liability lawsuits, also known as Errors and Omissions (E&O) exposure. This type of insurance covers your company, or you individually, in the even that a client holds you responsible for a service you provided (or failed to provide) that did not have the expected or promised results. For doctors, dentists, chiropractors, and other healthcare providers, this is known as malpractice insurance. For lawyers, accountants, architects or engineers, it’s most commonly referred to as professional liability.
Depending on your level of coverage, your Manassas professional liability insurance will cover judgments, settlements, and legal defense costs. Even if the allegations made against you are untrue, you may still incur thousands of dollars in charges in order to defend yourself or the company you work for. These types of lawsuits have the power to bankrupt a smaller company or individual, and have a lasting effect on the bottom line of companies of all sizes.
By not purchasing Manassas professional liability insurance, your company can be taking a serious financial risk. It’s important to remember that these types of losses are not covered under a general liability policy. It’s also important to bear in mind that everyone makes mistakes. Even with the best employees and the best risk management practices in place, mistakes will be made; nobody is perfect.
So when is the best time to purchase your Manassas professional liability policy? As with any insurance coverage, the best time to purchase this is before the risk is taken. If you are in the service industry and you know you have exposures, you should make professional liability, or E&O, insurance part of your insurance portfolio. Many contracts with clients will even require this insurance to be in place.
At Cowne And Weybright, we offer professional liability, or Manassas E&O Insurance, to a number of different professionals with custom policies that address their unique needs. Please contact us today at (888) 668-8114 to learn more about the Manassas Business Insurance products we offer.
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