Hi, I’m Christina Welch with PKIG and today
I’m going to talk a little bit about professional liability. Professional liability insurance helps protect
you and your business or company against a claim that professional advice or services
you provided caused a client financial harm due to MISTAKES on your business’ part. For example, if you’re an accountant and make
a clerical error that costs a client thousands of dollars you could be held liable with costly
legal and financial repercussions. Professional liability insurance will help
cover the costs and fees associated with resolving such claims including legal costs and damages
awarded. One thing to consider when choosing a professional
liability insurance provider and policy is that many policies are written on a claims-made
basis with a retroactive coverage time frame. For instance, if a claim made against you
occurred on a date before the retroactive date listed on the policy, you would not have
coverage under that policy. Therefore, this date is crucial when considering the policy
you purchase. In general, the further back the date, the better. If you have any questions about professional
liability, if you need it, and how it might benefit your business, please give us a call
today at 248-682-7445.