If you are a professional who advises, treats or diagnoses clients professional liability insurance is the policy that will protect you and your business practices from a lawsuit.
What Is Professional Liability Insurance?
That is dependent on what type of profession you have. There are a variety of professional liability policies, each covering a different profession and the risks that they entail.
The policy itself will protect you financially from legal claims and lawsuits up to your selected policy limits in the event you make a mistake and advise or treat someone incorrectly.
Why You Should Buy Professional Liability Insurance
In most cases, if you work for a large company or clinic, it will have its own commercial general liability coverage in place. The company may have professional liability coverage as well.
However, most company policies will provide coverage to the company and the owners in the event of a lawsuit. Any additional expenses due to your negligence or misadvise could be your responsibility.
Not having the proper coverage for your business practices can be a costly mistake. Getting professional liability insurance from your trusted insurance advisor is the quickest way to rectify any risk exposures beforehand.
In any lawsuit, no matter whether it ends up in court or settled prior to, it will be expensive to resolve. Professional liability insurance is designed to help protect you from what could be a serious financial burden.
What Does Professional Liability Cover?
Coverage that’s specifically designed for medical professionals such as psychiatrists, podiatrists, and gynecologists. It protects against lawsuits that allege negligence or mistakes. If you work in the healthcare industry, malpractice insurance should be the first policy you obtain.
Also known as E&O insurance… is coverage that’s designed for those who provide advice or services such as lawyers, consultants, insurance agents, and architects. It protects against lawsuits that claim a financial loss occurred based on bad information or negligent advice.