When you are a business professional, there may be a lot of people who rely on you. While your goal should be to protect all those whom you serve, it should also be to protect yourself. One of the ways that you can do this is by getting a professional liability insurance policy. This type of policy, such as bodily injury professional coverage is meant to protect you if claims are made against you for something that occurs in your line of work.
While you may think that every claim that could be laid against you at work is covered by a professional liability insurance policy, this is not the case. You are not going to be covered for every type of lawsuit hat you could experience. As such, you need to take your time and consider what all will be in the policy that you end up choosing. If you do your research and find out about different types of coverage, then you have a much better chance at getting the policy that will protect you and your career the most.
One of the things that you might be concerned about in your line of work is cases being brought against you for property damages. While you might not think that this is an issue for you, it could really end up being a problem. Your work or your employees could cause damage to someone else’s property and you could be held liable for it. If you have a professional liability insurance policy, this is not going to help you in these cases. Instead, you will need to get a general liability insurance policy to take care of your needs.
Intellectual Property vs. Real Property
It can be confusing to policyholders sometimes when considering the idea of what kinds of property will be covered under a professional liability insurance policy. If you are talking about damage to real property that has been caused by you, your work, or your employees, then this is not something that is going to be covered under a professional liability insurance policy. Instead, this kind of lawsuit would require you to have general liability insurance. This type of coverage is the sort that would help you pay for things like bodily injury as well, and it’s important for a lot of businesses and business professionals to have.
Intellectual property is a different matter, and it is something that you can count on your professional liability insurance coverage for. If you are sued for any reason related to using or infringing on intellectual property, then you will most likely have to face the charges in court. If you do not have a good policy to rely on, then you could end up with a large financial loss on your hands. If you do, however, get a good professional liability insurance policy as soon as possible, then you will be covered for these things.
Getting Low Coverage Rates
You’re going to need to secure professional liability insurance and property damage coverage. As such, that means you’re going to need to get two separate polices: professional liability insurance coverage and general liability insurance coverage. You can probably save yourself some money by choosing to get your policies from the same provider. You should go online today and look at what your options are going to be. Some providers will not offer both kinds of coverage, but there are others that will. If you want to get the best rates, then you need to compare and find the best policies.