Every occupation comes with its own inherent risks, making professional liability insurance a necessity in many areas of business. For professionals like doctors, lawyers, accountants, and consultants, including insurance brokers, who interact with the public in a highly skilled manner by providing healthcare, consultations, or advice, the most common occupational risks are related to one’s quality of service.
Any time professional advice is provided, whether business, medical, or legal, there is a risk of liability. When counseling or guidance results in emotional, mental, financial, or physical anguish, the right insurance protection can make or break your future practice. If your client sues based on alleged negligent advice or treatment, professional liability coverage will be there to handle the related expenses.
Also known as errors and omissions insurance, professional liability insurance protects against accidents and oversights in the course of business. No one is perfect, and even the most experienced professionals aren’t always right. Appropriate professional liability insurance will protect against negligence and malpractice, covering expenses like legal fees in lawsuits and protecting against previously performed services as well as present and future mistakes.
In addition to serving as necessary protection, many professional organizations require their members to invest in this kind of protection as well, making minimum coverage levels essential in order to gain and maintain membership.
Specific to doctors, dentists, optometrists, and other healthcare providers, malpractice insurance is a form of professional liability insurance that offers protection in the event of accidents or negligence while offering healthcare services. While advice from business-based occupations like lawyers, financial advisors, and accountants do not cause physical harm, errors in healthcare treatment, therapy, or fitness training can definitely result in injury.
Even the best healthcare practitioners make mistakes that can lead to serious consequences, making appropriate malpractice coverage the difference between a successful practice and financial ruin. Malpractice insurance protects against lawsuits stemming from loss of life, critical injury, medical negligence, and financial loss. This protection gives professionals in healthcare, therapy, and fitness fields, as well as unlicensed personnel working under them, a much-needed safety net.
Professional liability insurance is a vital tool in operating a successful practice, whether in law, business, or healthcare. Everyone makes mistakes, but with the proper coverage, you can be sure you’re always protected.
To learn more about professional liability insurance and how it can protect your business, call Sean McNamara today at 1-800-731-2228 or email me at firstname.lastname@example.org. I’d be happy to help you with any type of commercial insurance you may need.
Give us a call today to discuss any of your insurance needs: 800-731-2228.
Mitchell & Whale Insurance Brokers was recently voted #1 in Ontario by the Insurance Business Canada magazine. Read more