Professional liability insurance is needed by all businesses to protect against claims of negligence. This type of insurance is also called professional indemnity insurance. This insurance is also known as malpractice insurance for physicians and errors and omissions insurance for those in real estate. The main businesses that need liability insurance are architects, lawyers, physicians and accounts though ever business should have some type of liability coverage.
Liability insurance deals with a loss, usually financial or resulting in a financial mater, that is due to a breach in warranty, security, intellectual property, personal injury, omission of products, error and failure to perform. As with all liability insurance it will cover advertising injury, bodily injury, personal injury and property damage, though you can get policies that cover one of theses areas in particular. There are many reasons why a liability claim is requested but the most common are negligence, inaccurate advice, misrepresentation, and violation of good faith or fair dealing.
It is expected that when you go to a professional for a specific service they will be an expert in their field. Things do occur when that professional does not perform to their highest standard and then someone gets hurt in some way or suffers a loss, usually financially. There is professional liability insurance coverage for most businesses.
There are many different types of coverage available for liability and you will need to investigate the points of the different available policies. Most insurance providers do have information available online and this can be a good spot to begin your search. Besides looking at policies you should also gather information on how the company operates including estimated time frames for claims and what occurs if legal representation is needed.
There is a difference when you are being sued as an individual or the company you work for is being sued because of your actions. If your company is being sued then you need to be aware that the company will do what is best for the company and may not have take your personal interests into considerations, this is particularly true of the government.
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