Secure Your Small Business’s Future with a Professional Liability Umbrella Policy
Are you a small business owner looking for protection from professional liability? A Professional Liability Umbrella Policy (PLUP) may be the answer. PLUPs are designed to provide additional coverage for small business owners beyond what is offered by general liability policies. They can provide an extra layer of security in event of litigation, and can help protect your business’ finances in the event of a major lawsuit or negative judgement against you.
A Professional Liability Umbrella Policy covers the costs associated with any sort of errors or omissions on the part of those providing professional services, such as attorneys, accountants and consultants. The policy provides protection against claims due to inaccurate advice, negligence or other acts of professional malpractice. It also pays for damages up to a specified coverage limit as long as they exceed the limits set by general liability policies.
If you own a small business, it is important to understand that Professional Liability Umbrella Policies cover more than just lawsuits arising from professional misconduct. These policies often cover costly third-party property damage and medical expenses stemming from personal injury suits brought against your company if the injured party does not have health insurance. So even if there is no direct connection between the harm done by your employees/products and services and someone’s injury, you could still be liable for losses incurred by the injured party.
In addition to these protections, PLUPs also help protect businesses from economic loss due to property damage caused by catastrophic events like floods or fires. Without this extra layer of coverage, businesses may be unable to recoup financial losses resulting from natural disasters since general liability policies typically do not include such coverage.
Finally, Professional Liability Umbrella Policies typically offer higher limits on both general and specific types of damages than their smaller counterparts – meaning they can provide greater financial protection should something unexpected happen in the future. When seeking out this type of coverage, make sure that your PLUP meets all legal requirements in your state as well as any industry specific regulations regarding liability insurance premiums and coverage amounts so that you are adequately protected now –and in the future too!