Even if you’re an expert in your business, mistakes happen. In the event that you make a mistake in the professional service you provide to a customer or client, it could lead to a lawsuit. Getting sued without protection will result in deep financial and reputation damage to your company. Professional liability insurance, also called errors and omissions insurance protects your business if you are sued for negligently performing your services, even if you haven’t made a mistake. Without coverage, you’ll have to pay expensive legal defense costs out of pocket.

Regardless of the size of your business, how long you’ve been established, or your industry, your physical property faces many risks every day. It is extremely important that your property is well protected, as severe damage could jeopardize your livelihood. Here are some of the risks your property faces as a business owner.