Professional Liability Michigan

Mason-McBride has you covered — literally.

Professional Liability Insurance (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 some professions that need to be adequately covered by Professional Liability Insurance.

If you're in one of those professions and your business relies on your professional expertise, you're expected to have a certain level of training in your industry or field. In addition, your services and advice must meet standards set by your state, industry, and 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 Mason-McBride is your go-to insurance company in Michigan, no matter what industry you're in.

 

professional liability coverage

 

How Does Professional Liability Insurance Work? 

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. However, if one of these work mistakes causes a financial loss for your clients, it could be problematic for your business.

Professional Liability would kick in if one of your clients attempted to sue you due to your mistake.

Undelivered Results/Services

Sometimes the product/service you describe in your client contracts 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. Clients can sue to make up those losses and cite their support contract.

Negligent Services

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

Example: Architects have the skill and education to design buildings that meet client demands and comply with building codes. But let's say an architect makes an oversight that compromises a building's safety. Then, 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.

Keep in mind that Professional Liability only covers the "economic" or financial losses suffered by clients and third parties, as opposed to bodily injury (BI) and property damage (PD) claims. The latter two types of loss are typically covered under general commercial Liability (CGL) policies, which Mason-McBride can also help with.

 

Errors & Omissions Coverage for all Michigan Cities

We can provide you with a price comparison for any Michigan city, including, but not limited to:

  • Warren
  • Sterling Heights
  • Clinton Township
  • Auburn Hills
  • Rochester Hills
  • Bloomfield Hills
  • Livonia
  • Troy

 

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