Extending Your Company`s Coverage on a Personal Claim
Facing a lawsuit is a damaging circumstance for any company, but as an individual facing a lawsuit, the results can be devastating to career potential and financial stability. There are many professions where employer insurance coverage isn’t enough to protect you from a client’s or consumer’s claim of negligence, harm, or otherwise. Common career choices that hold this additional liability include:
- Medical professionals
- Financial advisors
- Legal representatives
- Business leadership
Because of the gap that your employer’s coverage might leave when it comes to protecting you as an individual, it is strongly advised that you carry your own professional liability policy.
Terms for Coverage
Depending on your role or profession, the type of coverage you need will be termed differently. According to Moody Insurance Worldwide, you may need errors and omissions malpractice, or business executive liabilities insurance. The name doesn’t really matter, as it is the terms of the coverage that matters.
What They Do
Most of these plans can give you peace of mind in the event of a lawsuit or claim against you. In addition to providing the financial assistance needed to pay for your defense, these policies could also include the funds to cover the court costs as well as settlement or payout amounts. Consult with an insurance broker to determine how much coverage you need, as there are limits and exceptions to policies associated with your profession.