Companies of all shapes and sizes rely on technical consultants and subject matter experts to get the job done. Your clients rely on your knowledge and wisdom when making decisions that have short-term and long-term impacts. You’ve got the credentials, the education, and the years of firsthand experience to provide guidance and leadership. Sometimes your advice leads to less than favorable outcomes for your clients. What do you do when a customer decides to sue? Do you have technical consultant liability insurance to cover your business?
Exploring Professional Liability Insurance
Professional liability insurance can cover claims or lawsuit expenses due to errors, omissions, and other adverse outcomes based on your work product or deliverable. It’s common for architects and engineers that produce design plans to have this coverage. Technical consultants who prepare reports and recommendations also benefit from this insurance, which is also known as errors and omissions or E&O coverage. Some of the advantages of this coverage include the following:
- Policy limits and excess coverage over $1M
- Coverage of expenses for lawsuit defense
- Tailored coverage for your specific operational needs
Protecting What Matters
The reality is that a client could sue you for an outcome they’re not happy with, despite your best efforts in good faith. You might be that client’s only consultant, but you can’t always manage their expectations. Protect your business’s finances from the threat of litigation and damages with professional liability coverage.