Professional Liability Insurance
in Mississippi

What is Professional Liability insurance?

Clients are increasingly difficult to please due to the increased competition. Even if you’re careful when it comes to your work, small errors can lead to an issue or claim. Every time you give clients advice or accept work with them, you are liable for the advice you give.

This is where Professional Liability insurance could help.

Also known as Errors and Omissions (E&O) insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

What does Professional Liability insurance cover in Mississippi?

Even if the claim is not valid, the legal costs and court fees can still add up to thousands of dollars. Small business owners could be affected by the cost of litigation. Liability claims could cause the business to close or even go bankrupt in the worst instances.

Depending on the kind of coverage you choose and the amount you agree to in your insurance contract, Professional Liability insurance could save you from:

• Legal Fees – Hiring a competent legal representative is expensive. In fact, most lawyers charge an hourly rate.
• Court Costs– This covers filing documents in court, underwriting fees and administrative expenses.
• Settlements – If your client accepts in writing that they will settle the matter outside of court, you might be spared from a long and drawn-out court procedure. But you will likely still have the obligation to pay a fee, depending on what your attorney advises.
• Judgments – If your case is argued to trial and the plaintiff prevails the case, you’ll be required to pay the amount requested by the court.

Importantly, Professional Liability insurance in Mississippi covers even if you’re not the one to blame. Baseless claims are often just as expensive to settle than those with merit. A Professional Liability policy will help you defend your business and professional reputation by paying for the above, so you are not completely out of pocket for these expenses.

What is not included?

Professional Liability insurance protects many businesses against common risks. You may want to be aware, however, that this insurance will not protect against all risks.

If you have events that aren’t covered by your insurance, you may need to look for alternative coverage options. Risks that are not covered by Professional Liability insurance include:

• Property damage to third parties
• Third-party bodily injury
• Work-related illness or injury for employees
• Business interruptions

BizInsure has a variety of additional insurance options to safeguard your business from the risks mentioned above. Small-scale business owners may be interested in General Liability insurance, Workers’ Compensation insurance and a Business Owner’s Policy for greater protection against various risks that could affect their business.