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A wide range of specialists in many fields use professional liability insurance including those in accounting, financial services and even transport. While you may have heard much regarding general liability policies which will generally provide coverage for specific harms such as bodily injury, what you may not have considered are the other types of claims that can be filed against you as a service provider that won’t be covered with a general type of insurance policy. To help ensure you are fully protected against those claims of negligence that may not be covered under a general policy, you must consider the options available to you with professional liability insurance policies. The following are some of the specifics regarding this type of insurance and why it may be such an important option for you to purchase.
Why You Need Professional Liability Insurance
Typically, specialists in various fields are familiar with liability in a general insurance form that will protect against actual physical damages, such as bodily harm. However, when those who are only covered with this general form of insurance encounter action taken against them from former clients for instances that didn’t include such specific forms of damage, that general policy may prove to be quite useless. The rationale behind needing this coverage is that it can be used to fill the gap that may exist between the damages you are protected against and the ones that actually might occur.
One example of an action from a former client that you may be protected against with this type of coverage is if you are an accountant and the former client felt that you provided unsound advice. In this situation, no direct bodily harm would have occurred, so a general policy may not offer protection, leaving you without the insurance that you need. However, depending on the type and amount of professional liability insurance that you own, you may receive the legal protection you need in the legal battle that will follow as the case is settled.
Again, many types of experts have been known to utilize these policies. A few examples of these include some non-profit organizations, accountants, bookkeepers, and many more. If you are in any type of a service driven business or provide professional advice to your clients, you may very well benefit from this form of liability policy. You can work with the insurer you select to determine the amount and type of professional liability insurance that will be the most beneficial for you.
The Main Benefits
Professional liability insurance is, in short, crucial to the future of your business. While you may be a top professional in your services or professional advice field, you are only human and errors can occur. However, if the mistake that you make results in litigation taken against you by a former client, you could face immense expenses. These expenses, if not insured, could lead to financial troubles into the distant future and even the destruction of the company you own. Since years were likely needed to build up your company, the last thing you should need to deal with is losing it all in a litigation battle.
With professional liability insurance coverage, you can have the funding needed to pay for damages after a litigation battle. For example, if you are a technology professional whose work led to the loss of client data and high expenses to replace it, the professional liability insurance policy you own can pay for the damages that were incurred from that mistake, within the limits of the policy of course.
Perhaps the greatest benefit that this type of policy can provide to you as a working professional is the assurance of knowing that you will be protected if you happen to make a costly error. Again, you are only human and, from time to time, humans make mistakes. However, rather than worrying about the possibility of litigation against you, the liability coverage can provide the peace of mind you need to be a confident professional in your field.
How Much it Costs
The costs of this type of liability coverage will vary depending on many factors. One factor that can impact how much you will pay in premiums is the amount of insurance you will need to purchase. Obviously, if you are in a field that services clients with expensive services, you will need an increased amount of professional liability insurance to protect your financial interest. However, in general, it can be easy to find affordable premiums for this type of liability protection, especially when you compare quotes from several insurers. Regardless of the costs for professional liability insurance however, this is the policy you need to protect yourself from the unknowns that could occur with the clients you service.