When you own a business, you’re more than likely directly involved with the customers and the public. This is great for really getting involved with your sales and services.
Although, sometimes things can go a little less than the way you would want. If any sort of accident happens and a customer or member of the public is harmed in any way, your business could face a liability suit that could ultimately be the end of your business if not handled properly. There is one way to face the onslaught of a liability claim that every business should have, and that is Professional Liability Insurance. At SMA, we offer non-medical service providers protection from claims alleging an act, error, or omission by the firm, its staff or contractors working on its behalf. We understand that each type of business has its own set of unique needs, that’s why SMA Services Inc. can assist you in making sure you’re covered in any event.
What is liability insurance? Business owners who may think that it’s just an added insurance plan that would never be used frequently ask this question. Professional Liability Insurance protects your business assets from claims that may result from advice, expertise, or professional services you provide. If you or your business engages in these activities, you could be at risk for being sued by a customer, client, or other party who claims he or she lost money or was harmed somehow due to you or your business and its negligent actions, errors, or omissions. It’s encouraged that any professional in a business that provides a service or counseling to customers, clients or another party would benefit from professional liability insurance. The plans protect you and your business in cases of faulty service (errors) or failure to provide a service altogether (omission). This type of insurance coverage pays the cost of your defense and any damages awarded (up to policy limits). Insurance companies have developed different specialized policy forms that cater to each risk of the particular profession or service in question.
Another question that many people ask about liability insurance is also very common, why buy? Professionals in any field are expected to completely understand their field and have the proper training in said field so that they may adequately provide their services to customers. With that being said, they are expected to perform the services for which they are hired, according to the standards of conduct in their profession. If they fail to do so, they can be held legally responsible for any harm or financial loss that they cause to another person or business. Another reason a plan should be invested in is because most Professional Liability plans are usually not included in any other insurance policy you may have, personal or professional.
If you and your business fit into the categories that we have mentioned, Professional Liability Insurance may be a plan that your business requires. Even though you may think you know everything about your skill, craft, or service, there is the possibility that one day you would provide subpar service. You and your business should be protected and SMA Services Inc. can help you plan for the unthinkable and anything that may be presented to you. If you would like to begin planning ahead and insuring your business, contact SMA Services Inc. today to secure your business’ future.