Manila, Philippines
geri@investmoney.com.ph

What is Professional Liability Insurance, and Who Needs It?

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Professional liability insurance is a necessity for conducting business with peace of mind.

It is a great tool to have if you ever find yourself in a lawsuit. A mistake made on your part, such as failing to adequately perform a professional service or giving a client incorrect advice, could result in a messy lawsuit. You can even get sued on the basis of a misunderstanding.

Professional liability insurance protects you and your business in the event of errors and omissions. Getting covered will save money and won’t leave you on your own in the event of an alleged or actual mistake.

A number of insurance agencies, like www.icnj.com, are willing to help you obtain professional liability insurance even if you have a history of suspended licenses, canceled policies, or declined insurance renewals. An increasing number of professional fields require workers to hold professional liability insurance in order to responsibly protect their financial situations. Here are just some of the professions that utilize this type of insurance to lessen the financial burden that a claim can present.

PHYSICIANS

The field of medicine is one of high esteem and knowledge. But no matter how much confidence you place in the education and training you received to earn your title as a physician, having professional liability insurance will protect you and your business from medical malpractice claims. This will cover defense costs and any payouts that need to be made in the event of a lost case. It is important to note that additional policies may need to be obtained to cover other employees like midwives, physician assistants, nurse practitioners, and certified nurse anesthetists. Depending on your specific practice, you may need to have your plan customized to further include specialists like speech pathologists or physical therapists.

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DENTISTS

Dentists’ unique and specific line of work demands more tailored coverage. For example, oral surgeons are both physicians and dentists, so having a plan that covers both of these professions is ideal.

Dental hygienists may opt for additional coverage in their own plan to avoid suffering from the coverage of their employer, which is often inadequate.

Professional liability insurance for dentists is also offered in group coverage. This type of coverage is inclusive of the practice as a whole and is additionally beneficial because it simplifies the sometimes overwhelming billing process.

ACCOUNTANTS

This type of insurance has the potential to protect a variety of individuals involved in the financial sector, including certified public accountants (CPAs), accountants, tax professionals, and bookkeepers. Security breaches and financial coverage of settlements are usually covered by the insurance held by these professionals.

This is a field of managing, processing, and measuring financial information. When money is involved, a lot of clients won’t be interested in working with an accountant who lacks insurance. Allow yourself to prosper as a financial professional by getting coverage to ensure your potential clients trust you enough to professionally engage with you.

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LAWYERS

Lawyers not only represent themselves, but also the interests of their clients. Because of this, lawyers should be prepared for cases that are outside of their normal duties. Allegations of legal practice can be made against you, but legal professional liability insurance can soften the financial damages of such claims.

It is important to note that acts that are deliberately wrongful, malicious, dishonest, or criminal are normally excluded from this coverage.

As a professional of your field, there are many good reasons to invest in professional liability insurance. It will help protect your business, reputation, and personal finances in the event of a work-related claim made against you.

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