Everyone makes mistakes; that’s part of being human. However, if you provide professional services, a mistake you make during the course of your work could end up costing you dearly. If you lie awake at night thinking about the mistakes you make and what they could do to your business finances, obtaining professional liability insurance in Babylon could help you to sleep better.
What Is Professional Liability Insurance?
Professional liability insurance is also called errors and omissions coverage because that is what it protects you against: damages resulting from an omission or other mistake committed by you or one of your employees. It is important to note that the professional liability claim may prove to be unfounded. Nevertheless, if someone brings a lawsuit against you and the matter goes to court, you will still be responsible for any legal fees incurred, even if the case is eventually decided in your favor.
Why Do You Need Professional Liability Insurance?
Apart from the peace of mind afforded by professional liability coverage, it is increasingly common in our litigious society for errors and omissions coverage to be required to work in many industries. Without this coverage, you may not be able to do business at all, or you may miss out on the most lucrative and high-profile contracts.
Providing your professional services without professional liability insurance in Babylon is a bit like performing a trapeze act without a net. You may catch the trapeze 99 out of 100 times, but don’t you want something there to catch you on the 100th try?