Miscellaneous Professional Liability
Today, almost any business can find itself facing a liability lawsuit. A Miscellaneous Professional Liability lawsuit can put owner’s and other executives personal assets at risk including homes, cars, and other possessions. One simple mistake could cause financial devastation, as well as end your professional career. Many businesses don’t think they have an exposure to professional loss. Here are some examples of industries that need Miscellaneous Professional Liability Insurance.
Professional Liability Insurance is sometimes called Errors and Omissions (E&O) coverage. Claims come from errors or omissions in the performance of professional services. Companies that perform professional services for a fee are exposed to E & O claims. Often claims result from overlooking a critical piece of information, misstating a fact, misunderstandings, forgetting to do something, or misplacing something. In today’s world, the definition of “standard of care” has broadened through court cases and statute changes. If your clients are business consultants, public relations firms, credit bureaus, advertising agencies, marketing firms, travel agents, construction managers, safety consultants, and web or social media firms, we strongly suggest you offer a Miscellaneous Professional Liability quote. Miscellaneous Professional Liability Insurance provides professional service firms, or businesses providing services, with protection against potential legal action by clients and other third-parties.
Here are a few actual claim examples:
· A Marketing Consultant failed to send email advertising in a timely manner and the client had lost revenue of $150.000. The claim was settled for $125,000.
· A Head Hunter placed an executive with a firm, but failed to complete due diligence regarding a non-compete agreement. The non-compete limited the executive’s ability to perform job duties. The new employer sued the head hunter for failure to disclose and won a $50,000 award.
Oakwood Insurance Agency operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals. Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace.