As a professional in either Wisconsin or Minnesota, you are at risk for lawsuits brought against you by your clients or employees for services rendered. Your business insurance portfolio should reflect this by including a professional liability insurance policy. From engineers and lawyers to small business owners and directors of non-profit organizations, we at Sandeen Insurance are able to create customized professional liability insurance policies to protect your personal and professional finances.
The Basics of Professional Liability Insurance
In general, a professional liability insurance policy will provide you with financial support in the event a lawsuit is brought against you for negligent personal or professional services. Professional liability is often referred to errors and omissions (E&O) liability, as coverage is triggered by specific errors made while providing a service or for neglecting to provide a specific service.
There are industry specific liability policies created for various professions and situations:
- Cyber liability is for any professional that relies on the Internet for data transmission and/or storage, as it protects against claims involving privacy, copyright infringement and virus transmission, among others
- Directors and officers (D&O) liability is for private and public corporations, as well as non-profit organizations, that are interested in protecting the personal liability of its board members
- Employment practices liability (EPL) insurance protects business owners in the event of claims for discrimination, wrongful termination or harassment
- Fiduciary liability is for anyone in charge of handling employee or client funds and/or other assets
- Malpractice insurance protects professionals such as lawyers, doctors and dentists against claims for negligent services
Learn which type of policy best suits your needs by contacting our agency.
Expand Your Protection with a Commercial Umbrella Insurance Policy
Each professional liability policy carries with it a specific monetary limit for covered losses. You can obtain greater protection in the form of an excess liability insurance policy, also called an umbrella policy. This policy will step in when you have otherwise exhausted the limits of your base policy. It may also be able to provide additional coverage in the event that you face an issue or event that is not covered by your professional liability policy. Talk to our team to learn more.
Contact Sandeen Insurance for Tailored Professional Liability Coverage
As a professional in either Wisconsin or Minnesota, you want to ensure your practices are protected against lawsuits and settlements. Contact our independent agency online or call us at 715-386-5825 for help tailoring the right liability insurance policy to your services.