Need insurance protection in the event of a liability claim for professionals providing a service? For those in the medical field, this coverage is called medical malpractice insurance. However the need for this kind of protection is not limited to those in the medical field. The insurance will provide payments in the event of a judgment for errors or omissions resulting in financial loss or injury. Any professional with a fiduciary responsibility should have protection. The kinds of service professionals who have this type of insurance include accountants, consultants, real estate professionals, appraisers, lawyers and financial advisors among others. If an individual is sued, their personal assets such as homes, cars and other possessions are potentially at risk. All it takes is one mistake – and it can mean financial disaster and could cause the end of a career or business.
Liability insurance policies can help cover legal expenses to defend against frivolous or unfounded lawsuits. For professionals working as an employee of an organization with its own malpractice insurance, they may want to consider having individual coverage, just to ensure they are properly protected.
What to look for:
You want to look for a policy that is specifically designed for your industry and provides protection for:
Legal fees and other costs of defense
Reimbursement for licensing board issues
Settlements and court costs
There are many different types of specialized coverage. Some of the more common include:
Accountants Professional Liability
Employment Practices Liability (EPLI)
Engineers and Architects Professional Liability
Not-For-Profit including Directors and Officers with Employment Practices Liability
Technology Services Errors and Omissions Liability
Umbrella Liability for Businesses
Contact us today for more information on this extremely important insurance protection.