The Key Coverages To Insuring Professionals And Professional Organizations

Why professional liability, general liability, and property insurance are essential in managing risk as a professional.

Does your company offer professional services? Do your clients depend on the accuracy of your advice? If so, whether those services are professional or creative, or if your revenue comes from offering advice or making recommendations, there are three lines of insurance coverage that you should consider purchasing to protect your business.

“Insurance is an essential part of any professional’s risk management strategy,” says Swift Digital Insurance Commercial Lines Account Executive Lindsey Helm. “It allows them to transfer large parts of their business’ risk off of their company, saving the time, money, and stress that could result from an unforeseen event, like legal action, or a fire. Taking the time to build insurance into their budget now gives them time to plan the growth of their business into the future.”

Here are three kinds of insurance that every professional should consider adding to their risk management strategy.

Professional Liability

If you have a client that claims the advice you gave them resulted in a financial loss, professional liability — also known as errors and omissions (E&O) — will respond to pay for your legal expenses and any damages that may be awarded. The claim doesn’t have to be true to incur a large legal bill.

General Liability

If an accident happens and one of your customers or clients is injured — even something as simple as someone slipping and falling on your business’ premises — they could take legal action. Commercial General Liability insurance is designed to cover those kinds of expensive lawsuits, whether they’re justified or not.

Property Insurance

The location and physical assets you use to run your business can get damaged or even stolen. Commercial Property insurance — helps to protect your building as well as what is in your office or place of business. It pays for the costs to get new things in the event of a loss that’s covered by your policy.

Other benefits to insurance

Increasingly, clients require their professional service providers to show proof on insurance. Letting your clients know that you are properly insured gives them the peace of mind, and shows you are a responsible business owner.

It also gives you an advantage over the competition. Carrying the right insurance lets prospects know that you take pride in your business, and take the time and care to protect yourself and them.

Swift Digital Insurance offers these coverages in one simple online application. Apply online today or contact a Swift Digital Insurance broker at (306)763-8651.