If you run a business that offers any type of service or creates some kind of product, you might need to have professional liability insurance to protect yourself and our company from things that can go wrong. If you act as an advisor, for example, and a client thinks you gave them bad advice, they could sue you. This insurance will cover the costs of such a lawsuit.
While you may know about some aspects of professional liability insurance, there are exclusions that apply as well. Learn more and understand the details behind this important insurance coverage here. Knowing what is excluded can aid you and the health of your business.
While your insurance will cover you if you give someone advice in a professional capacity and they feel it wasn’t in their best interest, it will not cover you if you were fraudulent in any way or did something intentional or illegal during the case. You have to be able to show that you were acting in the best possible manner without doing anything wrong on purpose.
Sometimes, these insurance packages won’t cover fee disputes. If a client is disputing the fees you are charging them; the coverage may not help you if you get taken to court. The best way to win or avoid these cases is by being upfront about your fees and keeping careful track with complete proof at all times.
If you have a company with a partner, you may not be covered if the two of you have a dispute that needs to go to court. These are internal disputes that don’t have much to do with the profession itself and how you do the job.
Professional liability insurance can include malpractice insurance for doctors and physicians. It can also include errors and omissions insurance for any businesses that offer professional advice. These insurance plans cover any claims made against any information or guidance given to clients that may have caused damages. If you fall within these categories, strongly consider professional liability insurance.
Getting The Professional Liability Insurance You Need
Understanding what professional liability insurance covers and doesn’t cover is important to ensuring success. For certain businesses, this coverage can be a lifesaver. Of course, the key to utilizing the coverage to its fullest extent is to get just what you need for your company. Check with Nickerson Insurance Services, Inc and see what we recommend for your industry. Our goal is to provide you with an insurance program that is broad in coverage, competitive in price and fully appropriate in protecting your assets.
At Nickerson Insurance, our philosophy of placing the clients’ interest ahead of all others is what keeps our clients renewing year after year. With over 50 years of experience, we’ll know just what you need to remain safe in all situations. Contact us today to know with certainty if professional liability insurance is best for your company.