A Short Guide to Professional Liability Insurance
Sep 28, 2021
Sep 28, 2021
Heightened awareness of ESG (Environmental, Social and Governance) issues has far-reaching benefits in terms of equity, inclusion and resilience. But this awareness has also created a more litigious environment for business owners and c-suite executives. Coupled with a seismic shift in how, where and when business is conducted, the need for robust Professional Liability coverage is greater than ever.
Here’s a brief outline of what today’s business executive should know:
What is Professional Liability insurance? Simply defined, it is coverage against potential loss associated with management activities, governance structures, financial responsibility and benefits implementation by a business or corporation.
Why does my business need it?
What does it cover? A comprehensive business liability stance will include policies for business specific Professional Liability, Directors & Officers, Errors & Omissions, Employment Practices, Fiduciary Liability, Cyber Liability, Security Breach and Network Disruption, Crime, Malpractice, Abuse & Molestation, and Accident & Event policies. Additional coverage for extortion and kidnapping and ransom coverage for high profile or public positions may be needed as well.
Who is it for? Professional Liability insurance is essential for a wide range of independent contractors, consultants, Mom and Pop businesses, small start-ups, and smaller, publicly traded corporations.
How do I find out more? For 100 years, Oakbridge Insurance has grown to meet the very specific needs of businesses across the Southeast. Our experts understand the changing dynamics of the workplace and the marketplace. We’re happy to outline how we can optimize your coverage with a custom-tailored plan.