Explaining the Basics of Professional Liability Insurance

Posted on: December 4, 2014 by Huntersure

Explaining the Basics of Professional Liability Insurance

Nearly all insurance agents and brokers have clients with professional liability, otherwise known as errors and omissions (E&O), exposures. As such, it is important that your clients are properly prepared to handle professional mistakes and errors as they come. However, convincing your clients that they do in fact inherently face such risks and exposures can be a challenge. Furthermore getting clients to understand the scope and severity of these liability exposures is another struggle entirely. Here are a few tips to help break down Nassau County professional liability exposures and impacts to your clients:

• Remind them that everyone makes mistakes. Mistakes happen all the time, both in business and in life. Even the most seasoned professionals can make a wrong call or blunder.
• Give them examples. Provide current examples of widely known professional errors to illustrate this point. Furthermore, provide examples of small professional errors and the impacts that can have on employees, employers and clients alike.
• Explain the risks. It is not uncommon that a single professional error can lead to litigation and investigations into the business practices at any Nassau County operation. Litigation and investigation consume time, resources and draw your clients’ focus from their operation and productivity. Often a single ill-timed legal battle can undo years of your clients’ hard work and investment in their business.
• Mention common professional liability claims: negligence, malpractice, misrepresentation, contractual debates, failure to accurately advice and more.

When it comes to professional errors, the situation can escalate rapidly and what was a simple mistake can easily become a complicated situation when left unmitigated. There is no fool proof way to prevent professional errors from occurring, however businesses can take steps to minimize the impact a professional mistake will have on their operation. Obtaining comprehensive Nassau County professional liability insurance coverage is a crucial part of your clients’ risk management strategy.

Huntersure LLC  is a full-service Managing General Agency that specializes in insurance program administration for professional liability products. We take great pride in securing flexible and complete Nassau County Professional Liability Insurance solutions to those high risk industries such as medical care, legal counsel, or financial advising, that are especially prone to professional liability claims. For more information about our professional liability products and how we can help you secure the protection your clients need, contact us today.

Posted in: Professional Liability

Tagged: e&o errors and omissions Insurance Nassau County NY Professional Liability