Professional Liability Insurance in Chicago, IL
Although your business may constantly strive to deliver reliable and consistent services to its clients, even the most experienced and diligent professionals may eventually make mistakes. If subpar professional services or advice lead to your customers or clients experiencing financial losses, they may bring legal action against your company. In these situations, having adequate professional liability insurance may be critical.
What Is Professional Liability Insurance?
Also known as errors and omissions insurance, professional liability insurance may establish financial security for your company regarding guidance, advice and other services you may provide to other parties. Even slight miscalculations or misjudgments could have devastating consequences for your clients and, by extension, your organization. Fortunately, by purchasing a professional liability insurance policy and maintaining it by keeping up with your premiums, you may retain access to funds and resources to help you manage the aftermath of such mishaps.
What Does Professional Liability Insurance Cover?
Professional liability insurance may cast a versatile safety net across many potential claims. These policies typically provide financial assistance to help your organization pay for various legal expenses, including the following:
- Attorney fees
- Court costs
These lawsuits may arise from many accusations, so your company should discuss the details of your coverage with a qualified insurance professional, such as those at Salvador Insurance Agency. It’s typically advisable to acquire and maintain coverage that can provide financial support in response to a wide array of allegations, such as the following:
- Professional mistakes
- Inaccurate advice
- Undelivered services
- Missed deadlines
How Much Does Professional Liability Insurance Cost?
Like many types of insurance, the cost of professional liability coverage may vary significantly—even among businesses with similar circumstances. This is because insurers must thoroughly analyze many aspects of your company before determining an accurate quote for adequate coverage. This process may include consideration of the following criteria:
- Services provided
- Number of employees
- Years in business
- Prior claims history
- Policy details (e.g., coverage limits and deductibles)
Get the Right Coverage
With a history of serving the Chicago area for over 50 years, Salvador Insurance Agency’s dedicated team is well-equipped to help local businesses, families and individuals secure optimal coverage. Our agents will work with you to identify your insurance needs, explore available options and assemble ideal policies. Contact us today to get started.