Cover your professional risks with Professional liability insurance
Cover your professional risks with Professional liability insurance Professional protection insurance is a type of insurance that is primarily intended to provide professionals from claims that are prepared against them by customers. This would formulate ideal business sense to you if you are an Architect, Engineer, Doctor, Lawyer, Chartered Accountant, Medical Practitioner, Mortgage Intermediary, Insurance Broker or a Financial Adviser. And also a service industry like a medicinal organization would necessitate this cover to look after the commercial benefit against legal claims for error, omissions, professional neglect for both the principles and their employees.
Cover your professional risks with Professional liability insurance The scope of professional insurance cover age , although, differ with each occupation. For example, registered therapeutic practitioners such as physicians, surgeons, cardiologists and pathologists as well as medical establishments are protected in opposition to lawful legal responsibility claims made by any of their patients that might be based on physical injuries or death. The policy also pays for the protection price incurred in defending the case. And they can cover not only by themselves, but also other partner or consulting doctors as well as employed assistants.
Cover your professional risks with Professional liability insurance Unprofessional employees like peons and sweepers working in the clinic can also be covered for under this policy . Similarly engineers and architects are protected against legal responsibility arising out of plan defect, unsuitable design leading to construction damage, and loss of life to the third party. The defense costs are also payable under the policy on reimbursement basis.
Cover your professional risks with Professional liability insurance For accountants and lawyers, the professional insurance policy covers the lawful liability incurred by means of losses to clients arising out of the acts of errors on the part of the insured or his remunerated workers named in the plan. For instance, if someone's attorney is handling a case for him and fails to file a paper with the court by a deadline, resulting in the decreased value or complete loss of his case, the attorney would be liable for an errors and omissions claim.
Cover your professional risks with Professional liability insurance This insurance policy also deals with professional liability exposures of accountants and lawyers who hold themselves out to the public as professionals willing to perform professional services, for a fee, as independent contractors or their employees, partners or shareholders. . Professional liability insurance is required by law in some areas for certain kinds of professional practice especially medical and legal, and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Source : http://californiabusinessliability.com/professional-liability-e---o.html