Whatever your profession, protecting yourself with professional liability insurance is not just an intelligent thing to do but a necessity in today’s litigious society. You have worked hard and put in years of education and work to get where you are in your career. You could lose everything you have worked so hard to achieve without the right coverage for potential negligence suits.
General liability insurance can protect you from various claims against you and your business. Still, it will not protect you from the type of lawsuit that can result from the simple errors we are all capable of making. Nor will it protect you from claims made against you that are unfounded. Remember that even if there is no truth to the accusations against you, you can still find yourself in court defending yourself and your professional reputation against them at a very high cost to you.
Those who provide a service or advice, or any other way, use their knowledge and experience to help others who need professional liability insurance. This includes errors and omissions insurance and malpractice insurance, both of which are types of professional liability. The similarity is that the types of lawsuits brought against professionals are usually based on actions, advice, or services that may not have caused property damage or direct injury but can in some way be shown to be a result of the professional’s negligence.
You do your best to provide sound advice and ensure that everything you do and offers to your clients is as accurate and helpful as possible, but everyone makes mistakes. And even when you didn’t make a mistake, all it takes is someone unhappy with the outcome to turn on you and put the blame at your feet. These lawsuits can cost professionals incredible money, even if you win. Paying out on such a lawsuit can easily bankrupt even the most well-off professional.
Professional liability insurance allows you to defend your good name in court against accusations and payout on settlements when you are found to be negligent. Without it, you could find yourself not only out a lot of money, but your reputation could be on the line because you cannot fight an unfounded lawsuit. Don’t take chances; protect everything you have worked so hard for with the right professional liability policy for your industry.
Your insurance agent can help you ensure you have the coverage you need for complete peace of mind.
Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.
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