Professional Liability Insurance in Chicago, IL
Your business is dedicated to providing consistent and dependable services to its clients and customers. However, there may inevitably be times when errors are made or deadlines are missed. In some cases, circumstances beyond your control may hinder normal operations and leave you unable to fulfill your business’s obligations and, despite your best intentions, these situations could lead to costly lawsuits and significant financial losses. Fortunately, professional liability insurance can help.
What Is Professional Liability Insurance? 
Professional liability policies may also be known as errors and omissions insurance or E&O insurance. These policies can offer critical financial protection for your organization if it’s accused of providing inadequate professional advice or services. Specifically, coverage can help you manage the financial ramifications of the following accusations:
- Professional errors
- Incorrect advice
- Misrepresentations
- Oversights
- Omissions
- Negligence
- Missed deadlines
- Breaches of contract
In response to the allegations above, your professional liability coverage may help pay for resulting legal expenses and financial losses, including representation, settlements and court-ordered judgments.
Who Needs Professional Liability Insurance?
Any commercial entity providing professional services or advice to clients and customers should consider professional liability coverage an essential part of their loss control measures. In some cases, coverage may be required, such as for those in the health care industry. Even without formal obligations, these policies are an integral part of liability insurance for business owners, as failing to carry adequate coverage could leave companies without the means to manage the aftermath of lawsuits and jeopardize their financial futures.
Where to Get Professional Liability Insurance
At Salvador Insurance Agency, our knowledgeable team has over 50 years of experience providing ideal coverage solutions to businesses in the Chicago, IL area. Our team will work with your company to help find affordable professional liability insurance that suits your coverage needs and is tailored to your unique circumstances. Contact us today to learn more.