Do I Need Professional Liability Insurance?
Whether you’re part of a firm, operate your own business, or serve as a consultant, Professional Liability Insurance will help protect you against financial losses from client lawsuits. This is a specialty coverage not typically provided under in-home business or business owners policies (BOPs). Learn more about IEEE Professional Liability insurance and how you can help protect your hard-earned assets and well-deserved reputation.
Risk Management Guide
Ready to learn more? Register here to download a FREE copy of our Risk Management Guide for Technology Professionals and schedule a no-obligation consultation.
How vulnerable is your business?
Even tasks that seem insignificant could put you at risk.
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On average, a contract dispute suit will cost business owners $91,000.
The cost of a malpractice lawsuit, including professional negligence, averages $122,000.
WHO'S AT RISK?
Risk management experts recommend that technology professionals in the following 3 classifications strongly consider professional liability coverage.
- Self-Employed — It doesn’t matter if you’re a solo firm or you’ve set up a partnership with other technology professionals. Self-employed IEEE members may find themselves particularly at risk for liability lawsuits.
- Temporary Consulting — If you’re between jobs, testing the waters for your own business, or considering retirement, you fall into this risky “gray” area. You’re certainly not covered by an employer plan, but you still need to protect yourself against a lawsuit.
- Full-time consulting — You have a “full-time” business that consults or performs technology services.
WHAT'S AT STAKE?
- Your Reputation — Even unfounded accusations can have a significant impact on the good name you’ve worked so hard to build.
- Your Successful Firm — Defending yourself in a lawsuit can decimate a firm because energy normally devoted to clients and projects is instead funneled into documenting details and past decisions.
- Your Income — Time spent defending yourself in a lawsuit is time away from clients and your business … costing you one of your most valuable assets — your ability to earn an income.
- Your Credit Rating — Which could impact your ability to buy a house, purchase equipment for your firm and even to help your children with college.
IEEE Membership - Join Today
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Did You Know?
- To have questions answered, IEEE members can speak to a customer care advocate by calling 1-800-493-IEEE (4333).
- Hours: 7:30 a.m. to 6:00 p.m. Central, Monday through Friday and 8:00 a.m. to 1:00 p.m. Central, Saturday.
