Professional liability insurance provides coverage for professionals, in case of any claim of malpractice by their clients. It is also referred to as errors and omissions. This insurance coverage is aimed to indemnify the professionals when clients suffer financial loss due to malpractice. These professionals include lawyers, doctors and auditors, among others. In their field of practice, they are bound to make certain errors when providing services to their clients. These services can result to a great loss on the part of the client. What follows is a series of lawsuits to compensate the client for the loss suffered. This is where the professional liability insurance comes into place. It seeks to return the insured to their original financial status before the risk covered occurred.
Professionals involved in consultation industry are also prone to being sued. In the process, they will suffer financial loss due to the cost of the lawsuit and compensation for their client. This type of insurance cover complements the general liability cover. The latter does not cover professional liability. In that case, companies or individuals offering professional services to clients should take out the professional liability insurance. In doing so, you will get full coverage for your business operations. Professional services are required in all fields of practice. With that in mind, this policy is essential in indemnifying the insured.
Cases of malpractice and errors in service provision have been on the rise. This may be due to the increase in the demand for these professional services. Medical practitioners in this category, take out the professional liability insurance to cover for risks of malpractice. On the other hand, professionals like lawyers and insurance brokers take out the policy to cover risks of errors and omissions. As a professional, you can never be too careful in terms of service provision. Human error can not be avoided, it can only be minimized. Due to this fact, a professional liability insurance cover is a must have for such professionals. While some insurance brokers lack this type of insurance option for professionals, we at Safepro understand the risks that come with it.
Professional liability insurance policy applies on claims made, insurance option. This means that, claims should be made before the expiry date of the policy. The insurance cover is thus written on this basis. Any claim made prior to the date of the commencement of the policy will be declared null and void and no compensation will be provided. It is essential to talk to your insurance agent on the available professional liability insurance. Many insurance companies shy away from this type of insurance. You should thus purchase the policy from an insurance company that has experience in the sale of professional liability insurance cover, to professional in the field.
Safepro knows the right channels through which you can get an insurer who specialize in professional liability insurance. With years of provision of this type of policy, your insurance needs are covered. It has in mind the needs of different professional companies and the risks associated with them. This is enough reason to consult us for any type of professional liability insurance.