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Professional liability insurance goes under several different names, but is best known as E&O, or errors and omissions. If a representative of your company makes a professional error when providing goods or services to a customer, they may file a civil lawsuit against you. Sometimes these lawsuits are filed because of an omission. If your company representative fails to include important services or information for the customer and it causes them to be unable to conduct normal operations, your company is often held legally responsible. You may be required by a legal ruling to pay a variety of fines and fees to the person or company has sustained the damages.
Lawn care professional liability insurance protects you legally and financially when professional mistakes are made. If you, an employee, or another representative of your company makes a professional mistake, this insurance provides coverage that other policies do not. This type of policy often goes by different types of names. For medical professionals for example, is referred to as malpractice insurance. In general, professional liability or errors and omissions is the name it is most known by. It addresses civil lawsuits, not criminal, that may be brought against your company for negligence and mistakes.
Some contracts require lawn care professional liability insurance coverage. If your company takes on subcontracted work from other companies, you may also be required to hold this coverage in order to win the contract. Below are several of the benefits this type of policy provides.
Lawn care professional liability insurance covers your company from potential losses that occur due to legal actions. When legal claims are made against your company, there are always additional expenses involved for the process of defending yourself. Even when you are found not guilty, you have spent much time and effort proving your case. An errors and omissions policy pays for the associated costs for your defense. Expenses include court costs, attorney’s fees, costs for an investigation, and the costs associated with securing witnesses for your defense. Lawn care professional liability insurance only covers you for the costs of defense related to specific civil legal actions defined within your policy.
Lawn care professional liability insurance differs from other policies in that it only covers legal claims made against your company while the policy is in effect. If professional liability claims are filed against your company after you have canceled your errors and omissions policy, the coverages included in this policy will not apply. This notice of claim section holds true even if the alleged incident happened while you did have an active policy.
Wrongful acts are claims against your company such as mistakes, negligence, and accusations that you have breached a contract. Lawn care professional liability insurance coverage provides defense benefits when these wrongful act claims are made against your company or its services.
Professional liability insurance requires you to have a specific date declared on your E&O policy. This retroactive date is normally the same date that your company started its business operations. When a retroactive date is declared on your policy, all benefits and coverage is in effect on that date.
You have the option of adding extended reporting period, or tail coverage to your policy. When you add tail coverage to your lawn care professional liability insurance policy, you can extend the notice of claim period. This means if negligence, wrongful act or other covered claim arises after your policy has been changed you will still be protected, assuming the alleged events happened while your policy was still in effect.