The Importance of Professional Liability Insurance
Professional liability insurance, or errors and omissions insurance (E&O insurance), is a must for people in all industries. No matter how educated, experienced, or expert a person might be, mistakes still happen and lawsuits may follow. E&O insurance is a buffer between your clients working in a professional capacity, and the potential for financial catastrophe if they are sued.
Of course, professional liability looks different for some industries and organizations. It’s fairly easy for low-risk occupations and companies to secure coverage, given that their liability is low. But what about your clients who work in riskier situations? They need coverage too, especially given their vulnerability to risk, but finding that insurance can be challenging.
Prime Insurance Company is dedicated to providing professional liability insurance for even the most challenging risks. We approach every client’s situation carefully, working to understand what the risks are and how they can be mitigated. By working in close partnership with insurance producers and insureds, we service risks that other insurers turn down.
What Professional Liability Insurance Covers
As an insurance producer, you know the importance of professional liability insurance, but your clients may not. This protection is, of course, critical, so your clients should understand precisely what it offers. Many clients may believe that their existing coverage protects them, without realizing there are gaps only E&O insurance can fill.
Professional liability protects your clients if there are errors or omissions in their work. Essentially, it helps cover claims of negligence, misrepresentations, and inaccurate advice. Anyone offering professional services directly to their customers or advising customers should have this insurance. Some may be obliged to carry coverage as part of a contract or state legal requirements.
Your clients may be under the impression that this insurance only kicks in if they have done something wrong. In fact, it protects their business if someone sues them, whether they made a mistake or not. Even if your clients are in the right, they would have to go out of pocket to pay legal defense costs without insurance.
Your clients should also know what professional liability insurance does not cover. Bodily injury and property damage fall under a different coverage, usually general liability, for example. Some businesses may need auto insurance or property insurance as well. Our goal is to build a comprehensive insurance package for everyone, ensuring adequate coverage for all scenarios.
Benefits of Prime Insurance Company’s E&O Insurance for Producers
When you work with Prime Insurance Company, you can offer professional liability insurance that is tailored to your clients, even those with negative experiences in securing insurance. There is no better way to offer excellent customer service than that.
We offer our insurance producer partners an advantage over their competitors, with custom underwriting and innovative solutions. We do not simply say no to potential clients. Instead, we use our experience and understanding of specialty risks to find answers. Instead of interfering with your existing markets, we add to them with excess and surplus lines, and E&O for non-standard risks.
Benefits of Prime Insurance Company’s E&O Insurance for Insureds
Besides the clear benefit of having professional liability insurance that suits their needs, your clients will gain many advantages from a partnership with Prime Insurance Company. One of the cornerstones of our work is risk management partnership. By working quickly and effectively at the start of our relationship with producers and insureds, we identify any potential risk. With that information, we offer tailored guidelines and recommendations to manage and mitigate that risk. We do this thoroughly, with on-site inspections, evaluations, and expertise, so everyone can avoid needless claims.
Sometimes, no matter how much effort everyone puts toward risk management, claims still arise. In that situation, we continue to work hard to serve insureds, while keeping producers informed. With an in-house team comprised of legal professionals and industry experts, we can respond quickly and fairly. Producers and insureds can connect with us regularly to understand the claim, with 24-7 assistance for policyholders. There is a reason why so many producers choose Prime Insurance Company. We invite you to find out for yourself!
Getting started with Prime Insurance Company is as simple as a click. Use our online application today to work with Prime for professional liability insurance needs. You can also call our team at 800-257-5590 or email us at info@primeis.com. Visit us on Facebook, Twitter, YouTube, LinkedIn, and Instagram and check out our website to learn more about Prime Insurance Company at https://www.primeis.com/.
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Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.
