The Geico Professional Liability Insurance is a must for any professional in business today. No business can function without insurance for professional liability. This is very important today for doctors, lawyers and more and more it is becoming important to IT professionals.
E&O insurance protects you in the event that a client is harmed from a service or advice that you provide for which you are held legally liable. These would cover mainly your services industries. With an increase in litigation this has become a must have for any professional. Having Professional Liability Insurance (PL) or Errors & Omissions (E&O) insurance ensures that you can do your work without the worry of litigation should a problem occur. The overall annual medical liability system costs in the United States which included all defensive medicines, are estimated to have been $55.6 billion in 2008 dollars, or 2.4 percent of total health care spending.
These liabilities would be seen as follows:
1. Negligence – alleged mistakes or advice your company makes;
2. Defense Costs – Suits against your company regardless of fault;
3. Services previously performed – up to an agreed time frame.
Professions which are normally covered with this liability insurance would be the following industries which you might be involved in as follows:
|IT Consultants||Management/Business Consultants|
|Website Design/Graphic Design||Software Programming/Development|
|Photography||Real Estate / Property Managers|
Speak to an insurance agent from Geico today for more information about your industry and any advice they might have would not only save you costs but also time. When taking insurance always see if you can get discounts by way of buying more than one type of insurance from the same company. This is normally called a Business Owners Insurance package and shows the advantages of mixing your insurance say mixing liability insurance and auto insurance today.