What is Professional Liability Insurance?
Those employed in professional roles are generally expected to apply their expertise correctly, and they may be held financially responsible should they fail to do so. Professional liability insurance helps protect professionals from certain liability lawsuits and claims related to alleged mistakes that they make.
Professional liability insurance policies are specialized commercial liability policies. As a form of liability protection, these policies typically cover legal costs, settlements and some other expenses that arise from covered lawsuits and claims.
Who Needs a Professional Liability Policy?
Most people who are employed in a professional capacity ought to consider purchasing a professional liability policy. In certain situations, people in professional capacities might even be legally required to be covered by a policy.
Some examples of professionals who might want or need a policy include:
- Medical professionals (e.g. doctors, nurses, physician assistants etc.)
- Legal professionals (e.g. lawyers, paralegals, etc.)
- Builders (e.g. contractors, engineers, architects, etc.)
- Advisors (e.g. investment advisors, financial planners, etc.)
- Real estate professionals (e.g. agents, brokers, etc.)
- Insurance professionals (e.g. agents, brokers, etc.)
- Tradespeople (e.g. plumbers, carpenters, landscapers, pool service providers, etc.)
Anyone who is sure whether they’d benefit from having a policy in place should talk with an insurance agent who’s familiar with these policies. An informed agent will be able to explain how a policy may help in a given situation.