Who Needs Professional Liability Insurance?

 

Most small businesses have to face at least one professional liability lawsuit during their existence. No matter how good you are and how much you want to offer your clients the best services possible, some people are going to sue you and claim liability damages that could cost you tens or even hundreds of thousands of dollars. Defending yourself isn’t cheap, so you can expect to pay a lot for attorney fees and other related expenses.

 

Under these circumstances, the best method to protect yourself against such lawsuits is to buy professional liability insurance. This type of policy can cover your defense costs and judgments, thus saving you a lot of money.

 

If you are a doctor and you give the wrong treatment to one of your patients, you are at risk of getting sued. If the patient is right and you lose the trial, you may need to pay a huge amount to compensate for all the troubles your patient has had to endure because of your error. Such errors are human, so you should never believe you aren’t exposed to them. Everybody can have a bad day and make a hasty decision. Doctors who have malpractice insurance can get away without having to pay an arm and a leg for their negligence.

 

Architects, dentists, accountants and engineers are only a few of the professional categories that could benefit from this type of insurance. They can make errors, omissions and other types of negligence acts that could trigger a lawsuit when they less expect it. Instead of hoping this is never going to happen to you, it’s much better to get a good professional liability insurance policy and have the peace of mind that you are going to be covered in the event of making a mistake in your practice.professional liability insurance

 

Directors and officers of non-profit organizations are also one of the most exposed categories of professionals. They can benefit from special protection against actual or alleged wrongful acts related to their management practices. This also includes protection against charges for sexual harassment, wrongful termination or discrimination. Such lawsuits are more frequent than you might imagine, so it’s always good to be covered, even if you are sure you treat all your employees very well, thus not giving them any reason to sue you.

 

Professionals who give advice or provide services to their customers should consider protecting themselves from bearing the full cost of an eventual defense, should they be sued by one of their clients.

 

Although such insurance policies can offer you some protection, you have to be aware that the coverage doesn’t include criminal prosecution. There are also several other potential liabilities that are excluded, so make sure you inform yourself well before purchasing this type of policy. If you have no idea what to choose, you can always contact an insurance broker and ask about the various opportunities you can take advantage of. Such experts are the most qualified to give you such information and guidance.

 

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