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Business Insurance: Professional Liability Insurance

By Compuquotes Team on May 5th, 2008

Business Insurance

Depending on the type of work you do, it might be necessary for you to carry professional liability insurance. This type of insurance covers individuals working in specific professions against liability associated with duties performed within the scope of their profession. For example, medical malpractice insurance is a type of professional liability coverage for physicians and other clinical medical professionals.

Professional liability insurance is often referred to as errors and omissions coverage. If a suit is brought against a professional alleging that that individual acted in a negligent manner, the individual would rely on his or her professional liability insurance to take care of the costs associated with defending the claim, and paying out any settlement that might be awarded.

  • Who Needs Professional Liability Insurance?

Individuals working in any field where their actions have the potential to lead to claims of liability can benefit from professional liability insurance. It's important to purchase a professional liability insurance policy specific to the particular field in which you work, in order to make sure the types of claims you are likely to face are covered under the scope of the policy you select.

  • Engineers Liability Policy

Individuals working as engineers are well served by making sure they carry an adequate amount of professional liability coverage. If an engineer works on a project that turns out to be flawed, individuals who experience injury related to that project are likely to file liability lawsuits against the company in charge of the project, the individual engineers, and others who worked on it. Whether the actions of an individual named in the suit are proven to be grounded, that individual will have to defend him or herself against the claims, which can be quite an expensive proposition.

  • Legal Malpractice Insurance

It's important for attorneys to carry a sufficient amount of legal malpractice insurance. This type of professional liability coverage is designed to protect lawyers against claims by clients alleging that the actions of their attorney kept them from being able to receive damages they were due as a result of improper handling of a claim, lawsuit, or other legal proceedings.

  • Medical Malpractice Insurance

Doctors, nurses, nurse practitioners, physician assistants, and other medical personnel are well served by carrying adequate medical malpractice insurance coverage. It is not unusual for medical professionals to find themselves facing malpractice claims from patients who are dissatisfied with the outcomes of medical procedures. Anyone professional who works in clinical medicine should make certain that he or she is sufficiently protected by a high quality and comprehensive professional liability insurance policy.

  • Make Sure You Are Protected

Generally speaking, any individual working in a field that requires licensure really needs the protection of professional liability insurance. In some cases, individuals who don't need licenses in order to carry out their work can also benefit from the protection of professional liability insurance coverage.

If you are in any doubt regarding whether or not you need this type of protection, do some research on the types of liability claims that have been filed against people doing the same type of work as you. If you find lawsuits against professionals in your field alleging negligence, mistakes, omissions, etc., you need to give serious thought to getting a policy that can protect you against the expense of potentially facing such claims yourself.

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