According to the International Risk Management Institute, Professional Liability is defined as “a type of liability coverage designed to protect traditional & quasi-professionals against liability incurred as a result of errors and omissions in performing their professional services”.
A few coverage components may include:
Crisis Event Expense Reimbursement
Legal Defense Cost Coverage
Punitive Damages Coverage
Spousal, Estate, and/or Executor Coverage
So, would your business fit in for the industries that need this coverage?
Below are a few industries where it is imperative to acquire Professional Liability insurance:
Architects & Engineers – You are working as your consumer to meet their needs. The potential to make a mistake is unavoidable. One mistake and a professional liability lawsuit can destroy your business.
Accountants/Banking/Financial Advisors – Most likely, you are working with the livelihood of your consumer’s financial portfolio. If you were to make an error, the financial burden would fall on your company, through lawsuit costs and expenditures.
Lawyers – This industry is one of the most sought to which a Professional Liability claim is made. Unfortunately, not all states require their lawyers to carry this valuable coverage. While you may be working tirelessly for your client, they may not return the favor.
Pharmaceutical/Medical Professionals – Mistakes happen. Whether it may be the wrong prescription given to a customer, or advice given about a medication that was incorrect, Professional Liability is needed. Don’t wait until it is too late to protect your company.
Do you believe that your industry does not need Professional Liability coverage? Click here to see other industries that would benefit from the protection.