In our previous blog, we covered the different types of insurances your small business could benefit from. One of the insurance types we mentioned was professional liability insurance. We went over what this type of insurance provides a small business owner, but we figured the topic could use a more in-depth discussion.
If you’re a small business owner in Northern Colorado looking for business insurance or a specific type of business insurance like professional liability insurance, be sure to visit the experts at Mountain Plains Agency Inc. in Fort Collins. Our dedicated team of insurance agents is happy to help you find the right insurance for your business. Whether you are just starting a consulting firm or you need to protect your brick-and-mortar store from unforeseen damage, Mountain Plain Agency can help you and your business. Call us today at 970-672-4144 for more information.
What Does Professional Liability Insurance Do?
Professional liability insurance, for the most part, protects the services you provide as a business owner. While professional liability insurance isn’t as important for a retail store, if you offer any kind of professional service, whether you are a plumber, sound-system installation specialist, or a contractor, having this type of insurance is vital. Any business that requires special training or services can be sued if the services provided caused financial loss or damage.
Whether you contract to other specialists or your employees are the specialists, your business may be blamed for making a mistake in their work. Having professional liability insurance not only protects your business and employees, but also indicates to potential partners and clients that you handle your business professionally and responsibly. Having professional liability insurance also puts you above the competition that may not be insured, as it shows you proactively protect the interests of your business and your clients.
Who Needs Professional Liability Insurance
As we mentioned earlier, the businesses that need professional liability insurance are typically consulting or contract businesses. There are also certain industries that require businesses to hold professional liability insurance. These rules are dictated by professional licensing organizations, state laws that mandate malpractice, and medical professionals are all required to have professional liability insurance.
Another interesting component of professional liability insurance requirements include businesses working on government projects to carry this type of insurance. The US Small Business Administration works hard to contract small businesses to work on government projects. These projects can oftentimes be lucrative or give your business good publicity. However, one of the main requirements is that businesses have professional liability insurance before beginning the contract.
Are You Ready to Get Protected?
One of the best ways to defend your business against litigation or accusations is to be prepared, and the best way to be prepared is to have professional liability insurance. If your business deals with any kind of contracting or offers professional services, purchasing professional liability insurance will give you a leg-up on the competition, while also protecting you from the unforeseen dangers of the future. If you are ready to protect your business, give Mountain Plains Agency, Inc. in Fort Collins a call today at 970-672-4144.