For anyone that owns or operates a company where you or your firm provide professional services to your clients, and it’s your business to give your professional advice and opinion to clients, you should seriously consider purchasing professional liability insurance from Massachusetts insurance brokers who regularly handle these lines of coverage as it is a very important for you to have.
There may be instances where you enter into a contract with a client, one that requires you to have professional liability coverage as a means of protecting their own interests. Look, everyone has different needs and operates under different circumstances, so depending on your own business model you really need to make sure that you’re currently carrying the proper insurance policy.
You require liability coverage for professionals
Make no mistake; this is coverage that is vitally important for anyone working in the financial services sector, including accountants, tax preparers, real estate agents, insurance agents and others. Consultants involved with tech firms, marketing companies, along with management consultants also have similar exposures that require this type of policy, as well as engineers, architects, attorneys and those working in the medical field.
Without coverage for any claims of errors or omissions during the course of daily operations, means that you could face litigation and damaging financial consequences. There are many benefits to having professional liability insurance, including personal injury coverage and coverage for defense costs.
The main focus of this coverage is to address any allegations related to demonstrating a failure to properly perform services. A claim made for breach of contract will often be combined with a negligence claim. This frequently occurs where there are allegations of negligent performance of a contractual obligation as the basis for a breach of contract.
Implied in most professional services contracts is the promise that professional services will be preformed in a non-negligent manner. For example, where there is a claim of negligent design or delays in the building of a new structure, an architect or engineer may be accused of under performing or simple negligence.
Having professional liability coverage from Massachusetts insurance brokers will give you peace of mind if ever accused of a negligent act, or any other error resulting in damages to your client. This is the policy you’ll need if ever you face litigation.