The company is going great. You’re seeing record profits despite the challenging economy. You’ve even only hired half a dozen new workers. Things are really coming together.
And then it occurs. 1 afternoon, a certified letter arrives in the mail. You, along with your own company, have already been named in a lawsuit, alleging that errors that the company has made have price X-amount of dollars in loss.
It does regardless of what your company is or just how much X-amount of dollars of loss actually is. It doesn’t matter whether your company really made any mistakes or caused any loss. The simple fact is that a baseless suit can bring a thriving company on its knees. The high cost of legal protection and the time off in your office dealing with litigation can cost your organization time and money that may not be recouped.
Or is it? That’s where professional liability insurance might help.
A professional Pet Food Manufacturers Insurance plan differs in the general liability coverage your company might already have. It covers you in the event that a customer alleges that you’re professionally negligent, neglected to perform professional responsibilities, or for mistakes or other contract performance disputes. Most of all, in addition, it covers the legal expenses of defending your enterprise, even if the allegations are baseless. And, it is going to pay for any judgments against you up to the limits of your coverage.
Even in the event that you’ve never been engaged in litigation before, it’s very important to have a professional liability insurance coverage in place. Exactly like other forms of insurance, the opportunity to protect yourself is before you’ve got an issue. Irrespective of your degree of ability, with no professional liability insurance plan, your company is in danger. After all, mistakes occur and even in the event that you’re confident in your own skills, a liability coverage will protect against potential errors by your workers or independent contractors you employ.