Strive Insurance Group, Inc. | Home, Auto, Business & Life Sciences Insurance
  • Home
    • Privacy Policy
  • About
    • Meet Our Team
    • Blog
  • Contact
    • Life Quote
    • Job Opportunities
    • Client Services >
      • Certificate of Insurance Request
      • Payments
  • Home
  • Auto
    • Auto Quote Form
  • Business Insurance
    • Product Liability Insurance
    • Restaurant Insurance
    • A&E Insurance
  • Commercial Landlord Insurance
  • Medical Office Insurance
  • Life Sciences Insurance
  • Home
    • Privacy Policy
  • About
    • Meet Our Team
    • Blog
  • Contact
    • Life Quote
    • Job Opportunities
    • Client Services >
      • Certificate of Insurance Request
      • Payments
  • Home
  • Auto
    • Auto Quote Form
  • Business Insurance
    • Product Liability Insurance
    • Restaurant Insurance
    • A&E Insurance
  • Commercial Landlord Insurance
  • Medical Office Insurance
  • Life Sciences Insurance

7/17/2019

6 Comments

Professional Liability Insurance?

 
Picture

​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.

6 Comments
Bob Newton link
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.

Reply
Auto Insurance Amarillo link
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.

Reply
Zachary Tomlinson link
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.

Reply
Fundamental insurance brokers link
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"
With all the different types of consultants their are today it really pays to be covered for providing advice that could impact other peoples businesses so you don't wind up in court.

Reply
Rachel Frampton link
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.

Reply
Fred Gibbons link
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.

Reply



Leave a Reply.

    Archives

    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    January 2022
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016

    Categories

    All
    Architects And Engineers
    Auto Insurance
    Bar Insurance
    Bio Tech
    Boat Insurance
    Business Insurance
    Commercial Insurance
    Cyber Laibility
    Flood Insurance
    Holiday Safety
    Home Business
    Home Insurance
    Life Sciences
    Medical Devices
    Medical Offices
    Personal Insurance
    Product Liability
    Professional Liability
    Property
    Restaurant Insuurance
    RV Insurance
    Toy Insurance

    RSS Feed

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher. Privacy Policy.​

​Strive Insurance Group, Inc. | 701 N. Central Expressway Bldg 1|Richardson | Texas | 75080 | 866.538.8174
Photos from Randy Heinitz, dhublimited, Gamma Man, Nguyen Vu Hung (vuhung), roarofthefour, propertysnaps, Ada Be, Mire de rien