Any professional who operates their own business or provides a service to customers should protect themselves with professional liability insurance—this, of course, is in addition to any business policy they may already have. This protects the insured against the hefty financial loss that can come with any lawsuit filed against them by their clients. This information is brought to you courtesy of SouthGroup Insurance and Trusted Choice. The full article may be viewed here: https://www.trustedchoice.com/professional-liability-insurance/
Any lawsuit, no matter if it ends up in court or is settled without it, will be expensive to resolve. Professional liability insurance is designed to help protect you from what could be a serious financial burden.
Professional liability insurance is coverage that protects you from client lawsuits after financial damage or loss, whether that's from the things you did as a part of your contract, OR things you neglected to do that may have led to harm. If you're caught without coverage, you’ll have to pay some pretty expensive legal defense costs out of pocket.
Within professional liability insurance are unique policies like errors & omissions insurance and malpractice. Errors & omissions is designed to protect professionals who provide services, like consultants, accountants, etc., whereas malpractice is designed to cover medical professionals.
There are two different professional liability coverage types: a claims-made and an occurrence policy.
A claims-made policy must be in effect both when the lawsuit is filed and when the incident in the suit took place. This type of policy is the most common, and is usually less expensive.
An occurrence policy covers any incident that takes place during the coverage period, even if the actual lawsuit is filed after the policy expiration. This type of policy provides more comprehensive coverage and is higher priced.
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