All businesses operating in Wisconsin require some form of liability insurance to protect their assets. However, for some, simply obtaining general liability coverage isn’t sufficient. Even umbrella insurance may not provide comprehensive protection. The solution lies in a professional liability policy. OnQuote Insurance can assist in crafting a professional liability policy tailored to your company’s requirements.
What is Professional Liability Insurance?
It’s a known fact: no one is perfect. Also referred to as errors and omissions insurance, professional liability insurance covers the costs associated with negligence-related claims or lawsuits. These claims don’t necessarily have to be true. While some clients may overlook a minor error, others may file a lawsuit. These types of lawsuits can jeopardize a business, even if a court determines you’re not guilty. If you’re held liable, professional liability insurance covers your defense, court costs, and compensation. Please note that professional liability insurance doesn’t cover purposeful or criminal acts, copyright, patent or trademark infringement, physical injuries, or property damage. Other insurance policies may cover some of these risks.
Who Needs Professional Liability Coverage?
If your business offers professional advice to customers, investing in professional liability policy is wise. These policies cater to a range of professions, enabling customization of coverage to fit your business. Typical businesses requiring professional liability include:
- Lawyers and legal professionals
- Consultants
- Accountants and CPAs
- Architects
- Engineers
- Advertising agencies and graphic designers
- Interior designers
- IT and tech professionals
- Real estate agents and brokers
- Tax preparers and financial advisors
- Aestheticians and hairdressers.
Other fields are also vulnerable. If you’re not sure about your Wisconsin business’s coverage needs, we’re here to help. Contact the agents at OnQuote Insurance to outline your requirements and get started on a holistic policy.