Professional Liability Insurance in Lake Oswego, OR
If you offer expert advice or professional services in Lake Oswego, OR, professional liability insurance, also known as errors and omissions (E&O) insurance, can be an essential part of your business protection plan. This coverage helps safeguard you in the event a client claims that your mistake or oversight caused them financial harm.
Whether you’re a consultant, architect, real estate agent or accountant, even a small error or a missed deadline could lead to a costly lawsuit. Professional liability insurance may help cover legal fees, settlements and judgments, even if the claim is groundless.
What Does Professional Liability Insurance Cover?
While policies vary by industry and insurer, professional liability insurance generally covers the following:
- Negligence claims—If a client believes your service fell short of professional standards and resulted in financial loss.
- Misrepresentation—Coverage for accusations that you provided misleading or incorrect information.
- Breach of contract—If you’re sued for failing to deliver services as outlined in a contract.
- Legal defense costs—Even if a claim is unfounded, the policy can help cover attorney fees and court costs.
Do Professionals Need This Coverage?
Some states do not mandate professional liability insurance for most industries, but many clients, licensing boards and contracts may require it. Carrying this coverage can also show that your business is responsible and financially prepared.
Get a Quote Today
If you work in a service-based field, having professional liability insurance could help protect both your reputation and your bottom line. Contact us today for a quote or to learn more about customized coverage options in Lake Oswego, OR.