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Top Quality Business Liability Insurance From AMC
Regardless of the nature of your business, liability is a common concern across all industries. While not every business will need to account for every type of potential liability, dealing with issues such as faulty products, alleged poor professional advice, or even claims from stake holders of financial loss caused by poor directorial decisions can all be covered by varying types of liability insurance.
Professional Liability Insurance
Professional liability insurance is designed to protect those who provide professional advice to clients in the event that their advice allegedly led to a client suffering financial loss. This is an important policy to have if you’re involved in any profession that guides or advises individuals or businesses – e.g. you’re a financial adviser.
Professional liability insurance can also be known as an errors and omissions policy or, less commonly, as professional indemnity insurance. It’s important to note that an accusation or claim of professional liability does not mean you are actually guilty. Regardless, the expenses that can occur as a result of such a claim can have a notable financial impact on your company. Expenses may include legal fees, court proceeding costs, settlement amount, etc.
By having professional liability insurance, you can assure greater financial protection so that your business does not suffer a significant financial blow if a client does make a claim alleging professional liability on your part.
Directors and Officers Liability
If you’re the director or officer of a business or organization that has private or public stake holders, you need to be prepared in the possible event a stake holder decides to take legal action against you. The primary reason this may occur is due to actual or alleged financial loss suffered by the stake holder due actions made by your board of directors.
As with professional liability, it does not matter if you are actually responsible for said financial loss or the stake holder merely alleges you are, there are costs that come with such allegations. Directors and Officers Liability Insurance is designed specifically to address such an occurrence, making it an invaluable tool to have for any business.
Remember that this insurance should be invested in if any officers or directors are directly answerable to stake holders, especially if you’re considering going public with your company. The more stake holders you have, the higher the likelihood of legal action being made against you or other directors/officers.
Directors and Officers Liability Insurance will provide you with financial protection by reimbursing you for associated costs that come from dealing with a liability allegation.
In the world of insurance, finding an affordable insurance provider which also offers good coverage is not an easy task. If you are looking for home insurance, car insurance, life insurance or health insurance, we have the information you need to help you make the right choice.