If you are a professional who provides professional services like accountancy, architecture, financial advisory, banking, medical, healthcare, consultation, and many other fields, then you may require protection coverage such as professional liability insurance.
What is professional liability insurance?
Professional liability insurance is a type of insurance that has been particularly made to protect professionals when problems arises with any of the professional work that they do, especially when it comes to the services that they provide. When you practice work as a professional, it is not always that you can provide your best work. Due to this, a professional can have unsatisfied clients from the poor work that they have done or perhaps even negligent of it. Professional liability insurance is basically all about protection and negligence. It is an insurance type that protects professionals from the potential errors on their part.
When you work as a professional, if your client deems that you have done something wrong or something that causes them physical and/or financial damages, they may sue you for compensation on the loss they have encountered. Of course, lawsuit and courtroom proceedings are not exactly cheap and this may cost you a lot of money, not to mention if you lose the case and you need to pay settlements. If you do not have professional liability insurance, you will have to cover for all the expenses. However, if you are properly insured, you will have financial assistance from your insurer on your legal defense.
If you have professional liability insurance, the insurance just stays behind you as a safeguard against legal proceedings. If you have a client that decides to sue you, the policy that you have on professional indemnity insurance will start to kick in. The legal costs required in defending your case and the damages on settlements needed to pay your client will be paid by your insurer, but only up to the level that is covered by your policy. The best part about having this insurance is that cases are resolved quickly.
There are quite a number of insurance companies that provides professional liability insurance. If you are a professional and plan on getting one, you can actually get one from a professional liability insurance broker. Possibly the best thing about getting your insurance from a broker is that they can provide you with invaluable information and advice on what coverage suits you best and provides you with the best protection possible.