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Professional Liability Insurance Expectations of a Professional You may be wondering why you might need to have professional liability insurance. The primary reason is that if you are considered a professional, then you are expected to act according to a certain professional standard. You are expected to provide the services you were hired for in a timely and effective manner; any negligence in this area can give a client reason to sue you for their wasted time and money. Additionally, some professions require certain confidentiality agreements to be upheld. Any negligence in keeping client information confidential gives that client reason to file a lawsuit against the professional due to emotional, mental, physical, or financial harm caused by the professional’s negligence. Your best protection is taking the time and effort to perform your services in a responsible, trustworthy manner. Remain above reproach in all you do concerning your business. How to Get Coverage Professional liability insurance does not fall under any other homeowner or business insurance policies. If you are a professional, you will want to discuss your needs with your insurance agent; they should be able to tell you how much insurance is needed for your situation and how much it will cost per year. Someone with expertise working with businesses similar to yours will be most helpful when you are applying for this type of insurance. Filing a Claim for Professional Liability Since professional liability claims are generally filed after a lawsuit has ended, you will want to make your lawyer aware of the policy. Your best bet is to tell your lawyer about the policy as soon as the suit is filed, and let him take over from that point. Your lawyer and your insurance agent or broker should be able to work out a deal with the client that can please everyone. After a deal has been made, the money will be given by the insurance company. info@businessinsurancefinders.com |