Title: Professional Liability
Author: Kevin
Published: January 3, 2018

---

#  Professional Liability

## Looking for Professional Liability Insurance in Texas?

Hagan Risk Partners has you covered — _literally_.

Professional Liability Insurance (also knows as Errors & Omissions Coverage) covers
a wide range of professionals who make their living from their unique professional
expertise.

### Who needs Professional Liability Insurance?

**Lawyers**, **Doctors**, **Architects**, **IT Professionals**, **Real Estate Brokers**,**
Consultants**, and **Engineers** are just a some of professions who need to be properly
covered by Professional Liability Insurance.

If you’re in one of those professions and/or your business relies on your professional
expertise, you’re expected to have a certain level of training in your industry 
or field. Your services and/or advice must meet standards set by your state, industry,
and/or written client contracts and agreements.

Failure to meet these standards could result in a substantial financial loss for
your client(s), resulting in a significant lawsuit. This is where Professional Liability
Insurance comes into play, and why **Hagan Risk Partners is your go-to insurance
company in Texas** no matter what industry you’re in.

### How does Professional Liability Insurance work? What does it cover?

Professional Liability Insurance triggers in a few different situations:

 * You make a mistake that costs your client(s) money
 * Undelivered results/services
 * Negligent services

#### Work Mistakes

No matter how careful you are, making mistakes is a fact of life. After all, we’re
human. If one of these work mistakes causes a financial loss for one of your clients,
it could be problematic for your business.

Professional Liability would kick in, in the event one of your clients attempted
to sue you as a result of your mistake.

#### Undelivered Results/Services

Sometimes the product/service you describe in your client contracts just doesn’t
work the way it was represented to the client. Should that happen, and you get sued,
Professional Liability Insurance would apply.

Example: A business consultant recommends you buy a high priced piece of equipment
based on high income projections and those projections end up being way off, resulting
in a financial loss for the client. That client can actually sue to make up those
losses and cite their contract for support.

#### Negligent Services

Your expertise can sometimes be a double-edged sword. It can help you earn clients,
but it can also set really high expectations.

**Example:** Architects have the skill and education to design buildings that both
meet client demands and comply with building codes. But let’s say an architect makes
an oversight that compromises a building’s safety. The building owner can sue for
negligence (the legal standard of being unreasonably careless).

Unfortunately, negligence suits can be pricey. A court may award the client damages,
but it can also monetarily punish you to deter future recklessness.

## What to do next

Keep in mind that Professional Liability only covers the “economic” or financial
losses suffered by clients and/or third parties, as opposed to bodily injury (BI)
and property damage (PD) claims. This is because the latter two types of loss are
typically covered under commercial general liability (CGL) policies, which Hagan
Risk Partners can also help with.

If you’d like a personalized Professional Liability proposal for you and your business,
Hagan Risk Partners is here to guide you. Call our office today, or [start your quote online](https://www.haganrp.com/quotes/?output_format=md)
in a matter of seconds.

 

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