What if one fine day, a client of yours sues you a good sum, accusing you of professional negligence? What if your patients cry medical malpractice by you? How good are you prepared for such situations? Well, if you are not quite prepared for such unexpected situations- wouldn’t you want yourself to be prepared for such situations? Professional liability insurance is your bet in this endeavour!
You might be the best in your profession or may be an epitome of prudence when it comes to doing your job! But, to err is human and the ‘err’ here doesn’t just mean an error on your part! It even includes misunderstandings and of course, slightest of negligence.
What is professional liability insurance?
Professional liability insurance is a protection cover to professional practitioners such as lawyers, doctors, consultants, architects, businessmen etc from possible financial claims made by their clients or customers or patients on account of error or negligence committed while performing the duty. Professional liability insurance is also known as professional indemnity insurance.
The coverage has its primary focus on error or omission of the services or products sold/offered; performance failure on a professional front; and the resultant financial loss to the client. Further, the insurance provides an additional coverage for breach of intellectual property or breach of confidentiality/ warranty, personal injury, violation of terms like exceeding the cost of contract and so on.
In the business domain, the negligence claims are encountered quite often. The services offered, for example, particular software can be relegated by the client as a product of low quality and you may be held responsible. In this and such similar cases, professional liability insurance can come to your great help! Why just businessmen? Even doctors are susceptible to negligence claims by patients; or for that matter, even architects and lawyers (the law hits them too!) are not left far behind.
Professional liability insurance coverage is a must for every professional practitioner! Make sure you continue it all along, since the policy covers only those incidents that occur when the same is active.
