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.
Do you need professional liability insurance?
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.
You never know when you will need to have professional liability insurance.
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.
If you are considering to purchase professional liability insurance, or any kind of insurance for that matter, make sure that you don’t act in haste and that you do your homework to find out where you can get the best coverage at the best price. Don’t cheap out though, because not carrying the right kind of insurance can be a very costly error and can end up costing you much more money in the long term than it will save you in the short term.
Luckily, there are many resources that you can find where you can compare different companies and policies and if need be, even get in direct contact with someone who can help you out to choose the best professional liability insurance policy that you can get for your situation.
image credit: graur razvan ionut
Long term care insurance is not something that people typically think about until they find themselves advancing in age. In fact, some people don’t even know what long term care insurance is, and if they do find out… it can be at too advanced of an age. The good news is that the basics about long term care insurance is not that hard to figure out. And the younger that you are when you acquire long term care insurance, the more affordable it can be for you in the long term.
What Is Long Term Care Insurance?
Well, first of all, you should know that long term care insurance can often be referred to by the abbreviated LTC or LTCI. So, when you see this abbreviation in the context of insurance, it has to do with Long Term Care Insurance. Okay, now that we have that out of the way, here is a very basic definition of what it actually is:
“Long-term care insurance (LTC or LTCI), an insurance product sold in the United States and United Kingdom, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.” (Source: Wikipedia.org)
Another way to look at it is that long term care insurance can help take care of you when you can no longer take care of yourself. This does not always have to be due to advanced age, though. It can also be due to a traumatic injury that leaves you where you cannot take care of yourself.
Why Do You Need Long Term Care Insurance?
I think we all know that people are living to ages that were once thought to be almost unachievable. It’s not longer such a rare thing for someone to live into their 80′s or 90′s or even beyond that whereas years ago, that was kind of a rare thing. So, you have to realize that you are probably going to make it to an age where taking care of yourself may not be possible or probable. And we all have probably seen at least one older family member get to a point where they could not live on their own, and they needed to be taken care of in an assisted living facility or a nursing home.
Truthfully, at some point in time, most people are going to run the risk of needing to find a way to pay for their long term care. And the costs for such services can be amazingly high. Having long term care insurance can help to keep those costs you have to kick in down.
Another reason to have long term care insurance has to do with the unpleasant possibility that you may get into a position where you get injured, and that injury can leave you where you cannot take care of yourself anymore. An event like this can leave you or your family broke trying to pay for long term care. So, again, this is another possible reason why you want to consider getting long term care insurance.
