Most Mississippi businesses purchase general liability insurance to protect their businesses against certain kinds of claims. These claims could include bodily injury and property damage. It is very important for Mississippi businesses to understand the difference between professional liability and general liability.
Professional Liability insurance, also called “Errors & Omissions” insurance, protects against a claim from a third party who suffers a financial loss as a result of your services or actions.
If someone feels they have suffered a loss or damages due to a professional service, often their next action is a lawsuit. These kinds of actions can be costly and severely reduce a firm’s resources. Professional Liability insurance can help preserve assets and more importantly, help preserve the firm’s reputation.
If you perform any of these services, you may need professional liability insurance:
- Provide any construction management
- Provide advice to clients
- Perform professional services
- Advise client on how to save money
- Provide advice on how to install equipment
- Recommend any building code changes
Industries that typically need Professional Liability Insurance include:
- Real estate professionals
- Non Profits
- Travel agents
- Medical professionals
- Oil & Gas
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