Professional liability insurance is a commercial insurance policy that protects you and your business if a client files a lawsuit alleging a mistake or bad piece of advice. Professional liability insurance often includes errors and omissions insurance and medical malpractice insurance. Generally speaking, if you provide a service to clients, you should have professional liability insurance and may even be required to carry it.
Professional liability insurance protects your business against claims including errors or omissions, professional negligence, breach of contract, and failure to deliver a promised service by a specific date. If you work in any of the following fields, then professional liability insurance should be strongly considered:
- Financial Advisor
- Real Estate
- Graphic Design
- Software Development
In addition to professional liability insurance, California law also requires small businesses with employees, regardless of full-time or part-time, to carry workers’ compensation and commercial auto insurance policies for any business-owned vehicle. Workers’ compensation insurance helps pay for medical bills and lost work that employees sustain due to an injury or illness on the job. Although it is not required, any business that asks employees to use their personal vehicles for work tasks, such as a delivery driver, should be covered by a hired and non-owned auto insurance policy. Most personal auto policies exclude business use.
At KC Wilson Insurance & Financial Services in San Jose, CA, our knowledgeable and dedicated team of insurance professionals can help answer any of your commercial insurance questions. Give us a call today, and we’ll be happy to assist you in purchasing the right commercial policy for your business.