General insurance protects you and your assets from the financial risk of something going wrong.
It can’t stop something happening, but if something unexpected does happen that is covered by your policy it means you won’t have to pay the full cost of a loss.
Professional liability insurance (also called errors and omissions or E&O insurance) is an essential policy for businesses that offer services. Because the nature of your work can be subjective, a client could sue you simply because they didn’t like the outcome of your completed project. Or they might sue you over a legitimate mistake or oversight on your part that caused them financial losses.
When these unavoidable situations or meritless claims happen, your professional liability policy can spare you the high cost of attorney’s fees, court-ordered compensation, and other legal expenses. So how much can you expect to pay for this valuable coverage?