Professional Liability Insurance
Simply put, it is the role of a professional to serve clients. Doctors, accountants, teachers, lawyers, psychologists and many more perform necessary services for other people that can cause irreparable damage or loss when executed incorrectly.
What happens when a Dentist’s contaminated tool gives a root canal patient a serious blood infection? Or a corporate lawyer’s computer gets hacked leaking privileged information about publicly traded companies? Hopefully, they’ve purchased professional liability insurance.
Professional liability insurance can save the day in these unfortunate situations. It can be the difference between staying in business and having to fold, or the difference between being able to keep your house or having to refinance it to fund a lawsuit.
If you provide services that can cause result in professional indemnity when done erroneously, professional liability insurance or professional indemnity insurance is an absolute must.
Professional Liability Insurance Coverage
Professional liability insurance coverage typically offers compensation in professional negligence situations that result in either:
Where the financial advice you provide causes the client a significant loss.
Where your services result in the injury, harm or death of the client.
Let’s say you’re a financial advisor who has suggested a husband and wife use all of their savings to buy shares in a foreign electronics start-up. After they’ve committed their money to the start-up, the value of the shares decreases to $0. They are now financially wiped out and are suing you for their losses. Professional liability insurance coverage would cover your legal defense and the settlement amount subject to terms and conditions.
Perhaps you are a physiotherapist who recommends an exercise program to an 85-year old woman. She follows your advice and weeks later ends up with a grade 3 ankle sprain. Professional liability insurance coverage or errors & omissions insurance would prevent you from incurring financial losses under these circumstances.
Professional Liability Insurance Quote
No professional seeks to hurt a client but sadly, it can happen through no fault of their own. A professional liability insurance quote from Regal Insurance will protect you on your worst day. Our brokers will provide a tailor-made professional liability insurance quote that takes your exact needs into account.
An ounce of prevention is worth a pound of cure.
Call Regal Insurance for your no obligation professional liability insurance quote, professional indemnity insurance quote or errors & omissions insurance quote today.