• Robert Truska

The Right Professional Liability Coverage For You

The world of professional liability coverage offers a wide variety of policies. For every profession there is a policy designed to protect you from the particular liability risks that are inherent in your area of expertise. When choosing your professional liability coverage, it is important to make certain it provides for the potential risks you face every time you offer advice, services, or assistance.

One of the best-known types of professional liability coverage is medical malpractice insurance, designed specifically for the needs of medical professionals. Whether you are a pediatrician or a surgeon, every time you offer medical advice or perform a procedure, you take the risk that an error on your part could leave you facing a lawsuit. Few doctors today deny the need for this coverage, and in many cases, it is required when you work in a clinic, hospital, or other medical office.

Errors & Omissions coverage is a type of professional liability that is used by a wide variety of professionals including lawyers, brokers, insurance agents or REALTORS®, and many other types of consultants. It provides protection should you make an error in documentation, advice, or procedure that causes some sort of loss to a client. This coverage is right for anyone whose profession involves advising to people on their financial, legal, or similar decisions and when the preparation of legal documentation is involved.

Aside from these two common types of professional liability coverage, there are many others that can provide specific coverage suited to your profession. Contractors and others in the construction and related fields, accountants and financial advisors, even people working in certain areas of nonprofit organizations need to be protected with a professional liability policy. If you could potentially be sued for a mistake or omission that does not fall under the coverage in your general liability policy, you need to carry a professional liability policy to cover the gap.

The best way to determine what type of professional liability policy is right for you is to sit down with your insurance agent and discuss what is available and what is not covered by your current insurance policy. No matter how good you may be at what you do, it is an unfortunate fact that even an unfounded lawsuit can make it to court and damage you financially as well as hurt your reputation. Having the right coverage allows you to defend yourself and ensure a lawsuit won’t leave you facing a financial disaster.

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