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Professional Liability Insurance

With knowledge comes power. And with power comes great responsibility. People consult you for information and guidance because they believe that your expert advice is instrumental in helping them make informed business decisions. The best thing to do as a professional is to be conscientious. However, the brutal truth is that you cannot wholly prevent errors no matter how careful you are. Any negligence on your part can expose you to substantial fines following litigation. Hence, the second-best thing to do is to prepare and protect yourself from any future litigation. How? Through professional liability insurance. <br><br>Click here to learn more: https://quotezebra.com/professional-liability-insurance/

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Professional Liability Insurance

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  1. Professional Liability Insurance

  2. Introduction • Professional Liability Coverage is an insurance package for individuals or businesses who provide services or give advice to their customers. • Each professional has a unique field of expertise. Hence, the risks of each expert or professional are also unique.  • Professional Liability insurance covers losses related to liability arising from services rendered by a business. 

  3. Types of professional liability insurance: Errors and omissions insurance  Malpractice insurance 

  4. Who needs professional liability insurance? • Electricians • Construction Contractors • Engineers • Artists • Photographers • Architects • Councilors • Personal Trainers • Attorney • Accountants • Consultants • Notaries • Realtors • Insurance Agents • Beauticians • Contractors • Medical professional

  5. Why you need it • Errors or Omissions • Violation of terms of the contract • Inability to deliver service • Wrong advice leading to significant financial loss

  6. Advantages of getting PLI • Ability to endorse coverage • Ability to negotiate premium amounts • Protection from lawsuits • Increases reliability and goodwill

  7. Disadvantages: • Lack of standard policies • Unaffordable premium costs

  8. Checklist before buying a PLI • Assess your risks • Check your policies • Choose your agent wisely • Compare packages before the decision • Know your policy • Know the legal restrictions

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