People who work in certain professional service occupations have the added stress of knowing their livelihoods are on the line if anyone comes to harm in the course of their duties. While it may feel like you’re carrying the weight of the world on your shoulders, professional liability insurance market can help carry the burden in these three ways.
Protection from Lawsuits
One of the basic functions of professional liability insurance is to provide for your defense against claims of things like malpractice or negligence. The only caveat is that many policies consider that part of the policy’s overall limits so that the cost to defend your lawsuit may deplete what’s left over to pay damages.
Indemnification for Clients
Many claims that don’t go into litigation can be paid through policy settlement. This not only protects you from further legal action, but it also leaves the injured party feeling whole again. Mistakes happen, but there’s peace of mind knowing your own assets will be protected while clients will also would be made whole again.
Satisfaction of Legal Requirements
For certain professionals like doctors and attorneys, state laws often mandate they have professional liability insurance or what’s sometimes called malpractice insurance. By purchasing from the professional liability insurance market, you’ll satisfy legal requirements while reaping the other benefits as well.
Your reputation and livelihood can be lost in an instant. While mistakes are inevitable, you can mitigate the damage with the right coverage.