Professional liability insurance is a must have for any professional that has the need to protect themselves in the case that a client or a patient of theirs were to file a negligence claim against them. Doctors, lawyers, accountants are all potentially liable in the event that a patient or a client were to feel that they were somehow wrongly treated or advised by such a professional.
It is necessary due to the fact that a general liability insurance policy will only cover personal or bodily damage, property damage, and any possible advertising injury claim.
This does not take into account things like errors and omissions, a failure to perform, a breach in warranty, intellectual and personal injury, and the security and cost of a contract.
Some of the potential professionals besides the ones already mentioned that might need to take out professional liability insurance would be real estate brokers and appraisers and even internet website developers as well. Those that develop technology, software, and consultants as well all should have appropriate professional liability insurance.
A lot of small business professionals may lament the cost of having professional liability insurance, but, on the same token, they will be very happy with the coverage that it can provide.
Just imagine finding out that a client or patient is unhappy with the services that you have provided and is deciding to file a lawsuit against you. Not having the appropriate professional liability insurance could bankrupt you and your business, should you have a long, drawn out case, and worse, ultimately lose the judgement.
