Why buy Professional Liability Insurance?
The purpose behind purchasing a professional liability insurance policy is to protect yourself from future liability that may occur as a direct or indirect result of your services provided to clients or third parties. In the case of a lawsuit, clients that incur a loss come directly after the professionals responsible. A liability insurance policy protects you the professional in this case by providing a financial protection. As a professional, loses may be caused due to negligence, mistakes, or failure to deliver or other unexpected events. As a result, you may find yourself being involved in a lawsuit. Your court costs can be covered by your insurance policy. Law suits today can be extremely costly and can accumulate expenses that range in the $100,000’s, it is best to secure yourself today rather than suffer tomorrow.
(What is Professional Liability? Read the Wiki)
Comprehensive General Liability vs. Professional Liability
Do not mistake a CGL (Comprehensive General Liability) policy for a Professional Liability insurance policy. They are DIFFERENT. Comprehensive General Liability covers physical damages on your property and more. Professional Liability covers you for liabilities that arise as a result of your profession. There is fine line that separates these two coverage. They are often bought by business owners who provide professional services and also have a physical businesses where clients come. An example would be an accountant who provides tax consulting and also has an office where clients come and visit to discuss their finances. Claims arise out of both physical and professional situations. It is best to insurance yourself with a combination of a PLI policy & CGL if you are a business owner.
Professional Liability Insurance Minimums
Most industries today have a mandatory requirement through their governing bodies that require professionals to obtain a minimum liability insurance limit. Examples of these industries would be physicians, consultants, engineers, and more! You as a professional may find that the fine line between landing a contract with your client and losing the business is being adequately insured by a policy.
How Can I Find the Right Coverage?
Acumen Insurance will help you pick the appropriate coverage for your business. As an independent broker, we have access to a variety of insurance plans. With our selection, so you can find the insurance that is right for you.
Protect your business with professional liability insurance made for Hamilton. We know how to find the coverage that meets the varied requirements of different professionals. Let us help you design the insurance plan that is right for you. Call (905) 574-7000 to find out more information today.