Professional Liability insurance is compensation due to the negligence or failure of professional person’s.
This is also known as Errors and Omissions insurance and professional liability is crucial to any business. The professional person / policyholder is protected against claims that they are legally obligated to pay as a result of an error or omission in their professional work. Clients hold professionals responsible for errors, or the failure of work performance as promised in the contract. It is clever to purchase this professional liability insurance before the product launch or before having customers. Mistakes do happen, ensure your mistakes, and also the mistakes of the employees and Independent Contractors you hire are covered.