Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses and individuals from claims of negligence, errors, or omissions in the services they provide. For contractors and construction professionals, products and completed operations coverage is a crucial component of professional liability insurance.
Why Do You Need Products and Completed Operations Coverage?
Products and completed operations coverage is essential for several reasons:
- Post-Project Protection: Covers claims that arise after a project has been completed or a product has been delivered.
- Financial Security: Protects against the costs of legal defense, settlements, and judgments.
- Risk Management: Helps mitigate the financial impact of claims related to workmanship, design, or product defects.
Key Coverage Areas
Products and completed operations coverage typically includes:
- Bodily Injury: Covers medical expenses, lost wages, and other costs associated with injuries caused by your products or completed work.
- Property Damage: Protects against damage to property resulting from your products or completed operations.
- Legal Defense: Provides coverage for legal defense costs, including attorney fees and court expenses.
- Settlements and Judgments: Covers the costs of settlements or judgments awarded to plaintiffs.
Who Needs Products and Completed Operations Coverage?
This coverage is crucial for:
- Contractors
- Construction companies
- Architects and engineers
- Manufacturers
- Service providers
Benefits of Professional Liability Insurance
- Comprehensive Protection: Offers a wide range of coverage options tailored to your business needs.
- Peace of Mind: Knowing that you have protection against claims of negligence or errors.
- Financial Stability: Helps protect your business assets and future earnings from large claims.
Common Exclusions
While professional liability insurance provides extensive coverage, there are some common exclusions, including:
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- Intentional misconduct
- Criminal activities
- Contractual liabilities
- Claims related to prior knowledge of potential issues
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Get Covered Today
Protect your business from claims of negligence and errors with professional liability insurance. Contact us today for a personalized quote and ensure your business is safeguarded against unexpected claims.
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