Professional Liability Insurance is Important Business Coverage
Professional liability insurance is also called professional indemnity insurance and protects businesses against negligence claims made by clients. Physicians, accountants, lawyers and architects will all have some type of liability coverage. Physicians all have malpractice insurance and real estate appraisers, inspectors and brokers will all have errors and omissions insurance.
Liability insurance deals with a loss, usually financial or resulting in a financial mater, that is due to a breach in warranty, security, intellectual property, personal injury, omission of products, error and failure to perform. As with all liability insurance it will cover advertising injury, bodily injury, personal injury and property damage, though you can get policies that cover one of theses areas in particular. There are many reasons why a liability claim is requested but the most common are negligence, inaccurate advice, misrepresentation, and violation of good faith or fair dealing.
It is expected that when you go to a professional for a specific service they will be an expert in their field. Things do occur when that professional does not perform to their highest standard and then someone gets hurt in some way or suffers a loss, usually financially. There is professional liability insurance coverage for most businesses.
When choosing an insurance provider you should compare several different companies and policies and make sure to read the fine print. It is possible to find information on professional liability insurers easily on line. Besides looking at cost and coverage you need to investigate how claims are processed, how long it takes to receive your claim, how legal issues are handled and more. The type of customer service offered is also important if you are going to be contacting that company a lot.
There is a difference when you are being sued as an individual or the company you work for is being sued because of your actions. If your company is being sued then you need to be aware that the company will do what is best for the company and may not have take your personal interests into considerations, this is particularly true of the government.
