Today some of the most costly claims cases to deal with, arise from a businesses providing design, counsel, or advice. Consumers are actually recipients of their selected professional’s experience and education. Most licensed or certified professionals are held to a higher standard including being required to purchase and provide Professional Liability Protection (Errors or Omissions) coverage for the protection of themselves and their clients.
I have seen instances where professionals take an “I can take care of myself” mentality. This raises a red flag, not because they lack experience or education to secure appropriate coverage, but because many allegations against professionals are often groundless and expensive to litigate. The success of a business professional paints a big red target on that person for money damages. Sadly, there are also individuals who seek money targets. These cases are often settled and don’t even go to trial. So there is a benefit to both the professional and their clients to have insurance coverage to protect all involved. Additionally, professionals (and their assistants) are human and capable of an omission or error in standard industry practice, which may result in a judgment against the professional, especially in today’s litigious society.
If one seeks or desires the services of a professional for design, counsel or advice, be certain they have Errors and Omissions Professional Liability Protection. If they are without this coverage, I would suggest you move to the next choice of one who does, as there are plenty of business professionals who do. As always, give me a call if you have questions or thoughts about this subject.