WHAT DOES A PROFESSIONAL LIABILITY INSURANCE POLICY ENTAIL?
Professional liability insurance coverage protects against service-related errors and dissatisfied customers. Any business offering skills, products, or services can benefit from this type of coverage. Every policy is going to be different; your coverage is tailored to your own situation.
You should purchase a professional liability insurance policy early as it is a “claims-made” policy. Claims-made policies provide coverage when a claim is made against an insured party during the policy period, as long as the work that resulted in the claim was done after your retroactive date (prior acts date), which is the initial date coverage was obtained as long as there haven’t been any lapses in coverage. There are often months or even years between an incident and lawsuit, so get your protection as soon as possible.