Professional Insurance
Secure Your Business From Financial Losses with Professional Liability Insurance
Many types of businesses need professional liability insurance. Some states require this type of business insurance. In others, business owners choose to get coverage in case a client or customer sues them. So even if you consider yourself an expert in your business, mistakes happen. And if you or a customer thinks a mistake in your professional services caused a financial loss, they can sue you. Bortec Insurance makes sure you have the right Professional liability insurance that helps cover you and your company if you make a mistake in your professional services.
You’ll want to get a professional liability insurance policy if you:
At Bortec Insurance, we specialize in providing comprehensive coverage for businesses just like yours. We understand the risks associated with running a business and will work with you to ensure that you have the right type and amount of coverage for any potential issues that may arise out of mistakes made in your professional services.
- Have to sign a contract that requires you to carry professional insurance coverage
- Offer professional services directly to customers
- Regularly give advice to your clients
Don't Let One Mistake Cost You Everything - Get Professional Liability Insurance Coverage from Bortec Now!
How this Insurance Works
Many insurance companies write a professional liability insurance policy on a claims-made basis with a retroactive date and extended reporting period. The retroactive date means you’re covered for incidents that happen on or after a specified date in your policy.
The extended reporting period helps cover claims filed within a certain time after your policy expires. This is generally a 30- to 60-day period, but you can extend this period to a year or more for an additional cost.
Your insurance company only covers claims made against your business during your policy period or within the extended reporting period. And the claim must be from a covered error or omission that happened after your policy’s retroactive date.
What Does it Cover?
- Negligence
- Misrepresentation
- Inaccurate advice
Even if you didn’t do anything wrong, your client can still sue your business if they believe you made a mistake. Without coverage, you’ll have to pay expensive legal defense costs out of pocket. Bortec Insurance can guide you for the best insurance coverage for your business.
It’s important to remember that this insurance doesn’t cover everything. For example, it won’t help your business with these kinds of claims:
- Bodily injury or property damage: You’ll want to get a general liability insurance policy to help cover your costs if someone is injured on your business premises or you damage someone’s property.
- Work-related injuries or illnesses: If your employees get hurt or sick from their job, you’ll need a workers’ compensation insurance policy to help them recover and return to work.
- Data breach: You’ll need cyber insurance if your business loses confidential or sensitive information about your clients and customers.
