Professional Liability Insurance

Protecting your hard work and assets is essential as a business owner or contractor in Rockwall, Texas. Professional liability insurance, also known as errors and omissions insurance, provides vital coverage against claims from mistakes, accidents, or disputes arising during your business operations. At Hanby Insurance, we’re here to help you navigate the complexities of this important coverage so you can confidently safeguard your business.

Why Professional Liability Insurance Matters

Even the most experienced professionals can encounter unexpected challenges. Whether it’s an accidental oversight, a contractual disagreement, or a claim related to a product you manufacture, professional liability insurance ensures you’re financially protected from costly legal fees, settlements, or damages. Without it, a single claim could jeopardize your business’s financial stability.

This type of coverage is especially crucial in industries like construction, consulting, or manufacturing. It’s not just about protecting yourself—it’s also about ensuring peace of mind for your clients and project partners.

Factors That Influence Your Coverage

The cost of professional liability insurance varies based on several factors, including:

• Type of Work: Higher-risk industries may require more robust coverage.
• Gross Receipts: Revenue impacts the level of exposure and potential liability.
• Payroll Expenses: The size of your team and their activities can influence premiums.

At Hanby Insurance, we take the time to assess your specific needs and recommend a policy that provides the right level of protection without breaking your budget.

Comprehensive Coverage for All Involved

One often overlooked aspect of professional liability insurance is ensuring everyone involved in a project is adequately covered—even if they’re not your direct employees. If a third party is injured or experiences damages related to your project, claims can extend to anyone connected to the work. Proper insurance protects you from unexpected liability and ensures your business operations run smoothly.

Types of Professional Liability Insurance Include

• Errors & Omissions (E&O) Insurance

  • Who Needs It? Consultants, Real Estate Agents, Insurance Agents, and other service-based professionals such as CPAs and Financial Advisors.
  • Coverage: Protects against claims of mistakes, negligence, or failure to deliver promised services.
  • Example: A financial advisor gives advice that leads to a client’s loss, and the client sues them for damages.

•  Directors and Officers Insurance

  • Who Needs It? Executives and board members of corporations, nonprofits, and associations.
  • Coverage: Protects against claims of mismanagement, breach of fiduciary duties, or other wrongful acts.
  • Example: Shareholders sue board members for decisions that negatively impact the company.

• Technology Errors and Omissions Insurance

  • Who Needs It? IT professionals, software developers, and tech companies.
  • Coverage:  Covers claims of software bugs, security breaches, or failure to meet contractual obligations.
  • Example: A software update causes a client’s business to lose data, resulting in a lawsuit.

•  Media Liability Insurance

  • Who Needs It: Marketing firms, publishers, social media influencers, and broadcasters.
  • Coverage: Protects against claims of copyright infringement, defamation, or advertising errors.
  • Example: A marketing agency is sued for using copyrighted material without permission.

•  Cyber Liability Insurance

  • Who Needs It: Businesses handling sensitive customer data or operating online services.
  • Coverage: Addresses data breaches, hacking incidents, or other cybersecurity risks.
  • Example: A data breach exposes customer information, leading to lawsuits and regulatory fines.

• Construction Professional Liability Insurance

  • Who Needs It: Architects, engineers, and construction managers.
  • Coverage: Protects against claims of design flaws, project delays, or structural failures.
  • Example: A building defect causes damage, and the engineer is liable.

• Educators’ Liability Insurance

• • • Who Needs It: Teachers, tutors, and corporate trainers.
    • Coverage: Covers claims of negligence, improper advice, or errors in teaching materials.
    • Example: A tutor is accused of providing inaccurate information, leading to student failure.

Don’t Leave Your Business Exposed

Professional liability insurance is more than just a policy—it’s a critical safety net for your business. At Hanby Insurance, we’re proud to help Rockwall, Texas; businesses find the tailored coverage they need to thrive.