Insurance for Mediators
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Why do Mediators need insurance?
Professionals that provide professional services such as giving advice, making educated recommendations, designing solutions or representing the needs of others are all have Professional Liability exposure. Professional Liability Insurance can safeguard your professional reputation, profitability, and business assets from the potentially astronomical expenses of litigation (whether justified or not).
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What is Professional Liability Insurance?
Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake. Typically, the allegation is that your services, products or employees caused some form of financial damage to a third party. Regardless of fault, litigation is expensive, drains time and damages reputation. Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
Coverage is provided for:
- Attorney fees and other legal expenses
- Costs and expenses related to a settlement
- Costs and expenses related to a judgment
Professional Liability Insurance (aka E&O insurance) – Mediator
A Professional Liability insurance policy is critical for those who are in the business of providing advice and instruction to others. A Professional Liability policy helps protect you as a Mediator against damages related to your services, actions or recommendations.
The policy can cover employees and independent contractors from allegations of negligence, failure to perform, inaccuracy, bad advice and other common risks associated with the services they provide.