"I'm not a doctor or a lawyer, so I do not need professional liability."
Okay, but are you a translator? Allied health worker? PR consultant? software developer? Mortgage Broker? A "pro • fes • sion • al: on a job that requires special education, training, or skills if part of your job or business is to offer a service or expert advice, you should consider. securing professional liability [ errors and omissions liability ] together with your general liability coverage.
If you (like most) occasionally spoil to work, you're not likely to physically harm someone ( most of the time), or damage someone's property (although I guess maybe an abandoned laptop exists), but you are more likely to cause financial loss to your customer. by omitting to do what you were supposed to do, you can be held responsible and it usually manifests in a financial loss to your customer. If you rely on your general liability policy to respond in this case, then you had better start saving now that the general liability is designed to meet the prosecution following causes injury or physical damage to third-party assets. If you are a contractor, plumber or leader and you are sued, it is the type of coverage you need.
"I will never have a claim." Okay. That's why you are hired - you are good at what you do. But the other significant advantage of E & O insurance, even if you are not known to be responsible, the E & O insurance also includes the defense costs. If you think insurance is expensive, noted that the average hourly rate for lawyers in Canada is $ 360 per hour and the average cost of a civil trial of two days is $ 26,444 (Source: Canadian Lawyer Survey Magazine 2010).
There are other ways to protect yourself, contracts, hold harmless agreements, guarantees, etc., but in our business environment changes, with exceeding customer expectations, an E & O policy is a cost effective way to reduce your exposure.
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