In order to properly secure your business, Ann Arbor Professional Liability Insurance is a necessity. This coverage includes a variety of basic protections to secure your business against potential litigation claims. As we dive deeper into the ins and outs of professional liability, evaluate your insurance portfolio and determine where your risk exposures lie.

According to IRMI, this is a type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services and it covers economic and financial losses suffered by third parties.

Anyone who provides services to another party for a fee should carry this type of coverage. These policies are typically written as “claims-made” coverages and offer high policy limits to accommodate litigation. However, additional limits are also available to cover high-cost settlements. Some examples of items this policy covers include:

-Negligence

-False advertising

-Misrepresentation

-Incorrect advice

-Failure to perform

However, many professionals assume that general liability protects against these risks. However, this policy is more geared toward insuring the physical structure of the building and its operations, not for paying out damages and settlements.

At Thayer Innes Insurance Agency and Freeman Bunting Insurance Agency, we provide a variety of business insurance policies to ensure you are completely protected. We have proudly served the citizens of Washtenaw County with comprehensive and affordable packages since 1921. For more information about our products and how we can help you, contact our experts today at (855) 395-6316.

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