Why Do I Need Professional Liability Insurance?
If you own a business and especially if you provide a professional service then it is wise to obtain a professional liability insurance policy. This coverage helps provide protection from business claims and errors and omissions that do not meet the criteria for commercial general liability coverage; secure yourself and your company.
Professional liability insurance is also known as ‘indemnity insurance,’ if you need protection against negligent allegations from your patients or clients when providing service or advice, this type of coverage will provide the proper protection.
This type of insurance can be beneficial for the following industries:
- Real estate brokers
- Architects & Engineers
- Healthcare & Beauty
- Residential and commercial builders
- Home inspection industries
- Technology & Manufacturing
The list goes on.
Keep in mind that depending on what industry you are seeking professional liability coverage for, the policy and coverage may carry a different title. An example, a physician that needs this type of coverage will opt in to obtain medical malpractice insurance. If you happen to be a real estate broker, then the coverage would fall under the errors and omissions insurance category.
Professional Liability, Consider This
Demands for professional liability insurance arose, simply because general liability insurance did not cover certain claims, as it was solely giving bodily injury, personal injury, and property damage priority. The industries we mentioned above, usually have claims that do not result in bodily injury, property damage, or injury in general; because of this, professional liability can fills the gap.
Claims that are common include:
- Inaccurate advice
- Violation of fair dealings
If You Are a Business Owner You Need:
If you are on the market for professional liability insurance in Monmouth County, it is wise to consider the following:
- You first should determine your current policy and whether or not it covers a broad range of risks. In Monmouth County, our specialists can help you choose the best policies for your specific type of industry
- What are the exclusions? Review your policy in-depth, this way, you know what is covered and what isn’t
- Educate yourself on the claim reports and extensions that your policy requires
- Ask if your policy can be modified at any time or customized to your specific need. Can you add-on extensions to your coverage plan?
Preparing for now and the future is vital to your individual and business success, contact our expert insurance specialists in Monmouth County to learn more about specific coverage options.
Insurance coverage and professional liability are vital, although there are certain practices you can follow to minimize a potential claim, this includes:
- Properly training all employees
- Consulting with our insurance experts in Monmouth County
- Keeping all records up-to-date and correct
- Providing high-quality services and products
Give us a call in Monmouth County today, and we will help solve and plan all of your professional liability insurance needs.
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