Professional Liability
What is Professional Liability Insurance?
Professional liability insurance protects a wide variety of licensed professionals against negligence, malpractice, and misrepresentation. Any professional who has an expertise in a specific area, including doctors, lawyers, and accountants, require this type of insurance because general liability insurance policies do not offer these type of protections.
Architects & Engineer Professional Liability
As an engineer or architect, you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions. Even the smallest error can have serious consequences. If a client believes damages are due to a mistake on your part they can sue your company. It is important to protect yourself against this potentially devastating liability. The cost of defending yourself in court can be huge, not to mention the restitution costs if you’re found at fault. A professional liability policy will cover these costs in the event of such a claim, which may otherwise financially cripple your business.
Attorneys & Law Firm
Professional Liability
Professional liability coverage for attorneys and law firms in today’s business climate is a necessity, and in some cases is legally required. Although the overall number of legal malpractice claims is leveling off, the number of large legal malpractice claims is sharply rising. Every malpractice insurer anticipates paying claims in excess of $50 million every year.
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Newer methods of communicating (e.g., email, social networking sites) and using digital information (e.g., electronic filing of court records, electronic document storage) regularly expose attorneys and law firms to the potential for malpractice claims. It is imperative that attorneys and law firms recognize emerging legal malpractice risks and purchase coverage to protect against those risks.
Contractors
Professional Liability
Contractors professional liability insurance (CPLI) protects contractors from claims arising from negligent errors or omissions that occur while they are performing a professional service. This coverage has become increasingly necessary for contractors who have taken on the responsibility of both designing and building.