Professional Liability Insurance
Professional liability insurance provides protection in the event of a liability claim for professionals providing a service. For those in the medical field, this coverage is called medical malpractice insurance. However, the need for this kind of protection is not limited to those in the medical field. Professional liability insurance will provide payments in the event of a judgment for errors or omissions resulting in financial loss or injury. Any professional with a fiduciary responsibility should have this protection.
Service professionals who have this type of insurance include accountants, consultants, real estate professionals, appraisers, lawyers and financial advisors, among others. If an individual is sued, their personal assets such as homes, cars and other possessions are potentially at risk. All it takes is one mistake – and it could mean financial disaster or the end of a career or business.
You want to look for a policy that is specifically designed for your industry and provides protection for:
Some of the more common types of specialized coverage include:
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Liability insurance policies can help cover legal expenses to defend against frivolous or unfounded lawsuits. For professionals working for an organization with its own malpractice insurance, they may want to consider having individual coverage to ensure proper protection. This type of protection can be complicated; we recommend a comprehensive review of your unique situation so we can tailor a solution for your needs.
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