As the world gets more complicated, your exposure to professional liability claims increases. We have seen a major advancement in technology over the past twenty years which has raised the level of expectations for all business.
We have witnessed the globalization of economies that expand the markets that we sell to as well as the places where those products and services are made. These changes offer increased opportunities but with far more complicated solutions. The options for success change radically as do the overall expectations from those clients. When expectations are not met, you may have an exposure to loss from those who feel your wrong advice hurt them financially.
Professional exposures come in the form of allegations of poor performance, breach of contract, conflict of interest, failure to secure confidential and proprietary information, or failure to provide proper consulting service. These are just a few of the allegations that can be made that are often covered by professional liability policies*.
If you provide any implementation of services, or supplement a process on an outsourced basis, you and your employees can be responsible for errors in process, or an omission in process that can lead to monetary loss.
Professional Liability insurance may not only indemnify injured parties for a loss, but may provide the necessary funds to investigate, hire an attorney, pay expert witnesses, and a host of other legal expenses that will be incurred if you are sued. In fact, in many cases these fees can be equal to the actual damages caused.
In today’s complex world, it is becoming even more important to carry professional liability insurance to protect your firm, your reputation and your personal assets.
*No two Professional Liability policies are alike. Please refer to your policy for actual coverage.
Charles T. Barnes, CIC
For more information about Albany professional liability insurance, give Ten Eyck Group a call at 518-464-0059.