PROFESSIONAL LIABILITY INSURANCE
I'M NOT A DOCTOR WHY DO I NEED PROFESSIONAL LIABILITY INSURANCE?
Many associate Professional Liability Insurance with doctors and lawyers, unfortunately, businesses of all types can be sued. If your clients are providing advice or guidance, they could find themselves on the wrong side in a lawsuit. Professionals at risk include financial and accounting professionals, architects, designers, consultants and health and wellness practitioners.
As a result if your clients have customers pay them for their expertise, knowledge, advice or care they are at risk. Barbers, contractors, lawyers, consultants are all examples of types of clients that need a Professional Liability Insurance.
WHAT DOES PROFESSIONAL LIABILITY INSURANCE COVER?
The main job of Professional Liability Insurance is to safeguard your clients against mistakes or negligence that result in a financial loss for their clients. It differs from a general liability policy, which is designed to cover bodily injury and property damage claims. Professional Liability insurance covers the cost of legal defense and any judgments or settlements up to the policy limits. Three of the more common types of Professional Liability Insurance are listed below:
This type of Professional Insurance is designed especially for medical professionals. It protects against suits that allege negligence or mistakes. Anyone directly or indirectly connected to the medical field should have malpractice.
ERRORS & OMISSIONS
Errors and Omissions coverage is ideal for lawyers, consultants, real estate agents, financial advisers, insurance agents, designers, and architects. These professions offer advice and knowledge to earn a living. The people who act on that advice, whether it be buying a certain type of insurance or purchasing a particular stock, are at risk and may feel that the service provided resulted in a financial loss.
DIRECTORS & OFFICERS
Directors and Officers Insurance (D&O) is specific to C-level executives in a company. It provides coverage for things like unlawful acts, poor investment decisions, the release of confidential information, issues with hiring and firing, gross negligence, conflicts of interest, and other errors.