Standard liability insurance coverage often doesn’t address the specifics of doing business in your industry. Depending on what services you provide, you could face claims arising from design flaws in a product or project, breach of fiduciary duties or other situations in which a client claims you did not hold up your end of the bargain. Thankfully, a wide range of indemnity protection for professional services providers is available. Products such as Axis professional liability insurance are designed to cover your daily exposure to multiple avenues of liability, and should be part of your total risk management picture.
How Professional Liability Coverage Can Help
Professional liability policies are typically classified as errors and omissions, or E&O insurance. Its usual intent is to shield companies, as well as their employees, against certain types of claims:
- Work not adhering to quality standards
- Failing to meet contractual obligations
- Negligent actions
While financial planners, brokers and other kinds of firms providing fiduciary services to clients generally benefit from E&O coverage, other types of businesses may need coverage from products such as Axis professional liability insurance. For example, server hosting firms may opt for E&O for claims arising from hacks and other kinds of security breaches.
Choose a Solution That Meets Your Needs
Companies usually look to E&O solutions for the thousands or millions of dollars expended in a lawsuit. Selecting a qualified insurance broker is a wise move to ensure you get an expertly tooled solution for your business.