A Texas Business Insurance Update
Most businesses purchase general liability insurance to protect the business against certain kinds of claims. These claims could include bodily injury and property damage. Professional Liability insurance, also called Errors and Omissions insurance, protects against a claim from a third party who suffers a financial loss because of services or actions. Any individual or business in a profession that provides advice, expertise, recommendations, or a professional service to customers, clients, or another party, would benefit from Professional Liability insurance.
Typically, professionals such as doctors, accountants, nurses, insurance agents, lawyers, and architects purchase Professional Liability insurance. However, if you have clients who are in the business of providing advice, opinions, or services, they should consider Professional Liability insurance. Professionals who provide advice are expected to have knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired according to the standards of conduct in their profession. Businesses and individuals can be held legally responsible for any financial loss caused.
It’s important to note that almost all Professional Liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed while the policy is in force, and for claims actually filed during the term of the policy. Professional Liability insurance is offered in many different forms that protect many kinds of firms.
If someone feels he or she has suffered 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.
Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service.
We represent, and have established a strategic alliance, with only the highest quality insurance carriers. In doing so, we can provide you with the service and protection to meet your dynamic needs. As your needs change, we can review and collaborate to decide which insurance company or companies are best suited to your situation.
1/31/2020 10:21:58 am
It's good that you point out that liability insurance can protect you financially in the event you are sued as a business owner. I want to start a business and I'm considering purchasing liability insurance to protect me in this way. I'm going to look for a good provider of liability insurance in my area that can sell me some.
5/22/2020 02:56:19 am
Welcome to West Texas Insurance Agency! We are a multi-line agency offering competitive personal and commercial coverage throughout Texas. Our agency is staffed by proven insurance professionals committed to providing our clients with highly personalized service. Starting modestly as an insurance company in 1995, we have continued to deliver integrated insurance policies and today, we are recognized as a giant in the Texas insurance industry.
7/15/2020 08:32:47 pm
Thanks for helping me understand what professional liability insurance is. I find it amazing to learn that this insurance can protect the business from unwanted claims, especially if the business deals with providing advice. My friend is interested in opening a small law firm around our area, and he's looking for advice on protecting his business. I'll suggest that he consider getting professional liability insurance.
7/26/2020 07:53:38 pm
Hi, I came across this post and have seen many people get into trouble providing services in a consultant type of business like you mentioned here "Professionals who provide advice are expected to have knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired according to the standards of conduct in their profession. Businesses and individuals can be held legally responsible for any financial loss caused"
11/5/2020 05:26:58 am
I'm glad that you discussed here the importance of obtaining liability insurance when running a business because this will protect the company. Thank you for also educating me that this will help the companies preserve their assets. Well, from my perspective, a start-up business must buy this type of insurance because this will help them save more money in the long run.
2/9/2021 11:56:47 am
It's interesting that you point out that general liability insurance can protect your business from potential lawsuits and injury claims. I'm thinking about starting my own business this year, so it sounds like I'll need to buy some general liability insurance. I'm going to search for a reputable business in my area that can help me get some general liability insurance.
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