As a professional, how do you know whether or not you might benefit from professional liability insurance coverage?
While discussing this with your insurance broker is always a wise idea, the general rule of thumb is as follow: If you work in a field in which the constant threat of being held liable for an error or omission that you might or might not have committed exists, then being covered under this policy is a must.
Usually, medical professionals such as doctors and nurses are the most sued people on earth. This is why it is absolutely imperative for them to be covered under this policy. As an example, it is not uncommon for a nurse to be accused of professional negligence after letting a patient fall and injure themselves. Sometimes, all it takes is a simple mistake to ruin a career.
Medical professionals aside, this policy often tends to be popular among lawyers and consultants. Because of the nature of the services they provide to their clients—and because everyone is prone to making mistakes, even the best professional among us—being sued is a constant threat that they must face on a daily basis. Regardless of whether a lawsuit is founded or not (because they are not always founded), the simple thought of having to go through the process of proving their innocence should be a good enough incentive for every professional to acquire this policy.
Notaries, real estate agents, insurance agents and accountants also should consider obtaining this type of coverage. The truth, however, is that the list could go on and on. The world abounds with professionals constantly at risk of being sued. As you probably already know—hopefully not from experience—it is sometimes very difficult to prevent clients dissatisfied with the quality of services they received from professionals from suing them. The lengths that they can go to is incredibly frightening—especially if you put yourself in the shoes of a professional at fault. Regardless of what profession you practice, finding a professional liability insurance policy that fits both your budget and your respective profession is perfectly doable. All it takes is a few minutes of your time and a consultation with your insurance broker to safeguard the future of your career (and of your finances). Click here to learn more.