What You Need to Know About Professional Liability Insurance
Professional Liability, or better known as the errors and omissions insurance, is an insurance coverage that take care of all professionals across the country. The Professional Liability Insurance (PLI) includes legal costs if there any cases filed against you, and it also prevents the anticipated losses due to the disputes.
A solid errors and omissions insurance should be able to protect professionals (and companies) from possible dangers such as being responsible for the full coverage of legal costs especially if there are claims of negligence and malpractice.
Know that a general liability insurance does not cover misrepresentation, malpractice, and/or negligence. That is why it is crucial for you and your business to get a Professional Liability Insurance. If your profession provides service, then, do not hesitate on getting one. The errors and omissions insurance is a flexible one depending on your specific profession. For people working under the healthcare sector, see the article regarding Medical Malpractice Insurance. Whether you own a business or you are working on your own, it is still necessary to avail an errors and omissions insurance.
Who Benefits from a Professional Liability Insurance Policy?
Depending on the kind of profession or business, a Professional Liability Insurance (PLI) can be personalized. The insurance coverage options can change. Still, any professional can greatly benefit from this insurance coverage especially if we are talking about potential lawsuits.
Whether we like it or not, people will still commit mistakes people still make mistakes. Even if companies provide insurance and practice discipline in carrying out tasks, there will be things that are out of our control. Unfortunately, a general liability insurance may not cover all the mistakes that make along the way. Thus, a Professional Liability Insurance (PLI) is needed to protect you and your business from possible losses.
The Professional Liability Insurance (PLI) Professional liability insurance can protect the industries listed below:
- Real estate agents, and brokers.
- Doctors, dentists, surgeons, and other medical professionals.
- Travel agents, and travel agency owners.
- IT companies and professionals.
In the past few years, the number of lawsuits filed against professionals has definitely increased. Many professionals in different sectors have the possibility of being sued. For as long as you provide a service in exchange of a certain fee, it is necessary to acquire a reliable errors and omissions insurance.
Lawsuits can affect your personal life and professional career. At BizSmart Insurance, we aim to help you in times of these difficult times. Our Professional Liability Insurance (PLI) can ease your financial burden whenever such unfortunate events happen. To get the information about our insurance policies, talk to our BizSmart Insurance agents now!
