What is Professional Liability Insurance?
Professional liability insurance is perhaps better commonly known as “malpractice insurance” That term, however, carries a lot of negative weight with it, especially when it comes to the medical field. Professional liability insurance is appropriate and important for a wide field of professionals to carry beyond doctors. Professional liability insurance can be valuable for lawyers, financial consultants, accountants, therapists, brokers, contractors and even teachers. If your clients rely on your education, experience, knowledge and ability, odds are you should consider professional liability insurance. All of these professionals may be held accountable for a variety of mistakes, miscues and errors of omission that could occur while practicing their profession. If you have clients who rely on your advice and expertise, you should consider professional liability insurance.
An accounting error could create costly issues for a client. If a financial advisor has been shown to have not performed due diligence on a financial recommendation, they too, could be held accountable. A therapist could misdiagnose a patient. All of these could lead to liability or malpractice claims.
The legal costs could be insurmountable.
All of that education and all the efforts in establishing a professional practice, all gone because of one apparent mistake or miscue. This is why such a wide-range of professionals should consider liability insurance.
Professional liability insurance isn’t acquired because of lack of confidence in your abilities. It is purchased because, the fact is, this is a litigious society. Professionals have a lot at stake in their career and business. You may have driven for decades and consider yourself a safe driver, but you still likely carry auto insurance. The same is true for professional liability insurance.
Professional liability insurance could be a critical component of your overall business insurance plan. Contact one of our experienced business insurance professionals to discuss the benefits of professional business liability insurance. Answer a few questions, and they can provide you with affordable options that can offer exceptional peace of mind. We look forward to assisting you in protecting your professional practice.