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Professional Liability Insurance |
Our life is very unstable so there's nothing strange about the fact,
that we are trying to at least somehow make it safer and more stable.
In order to achieve this goal we are buying alarm systems, we buy
ourselves insurances and so on.
Today we are going to talk about one of the types of insurance. Namely
- professional liability insurance. But first of all let us define the
term.
Professional liability insurance, also called Professional Indemnity
Insurance, protects professional practitioners such as Architects,
quantity surveyors, home inspectors, Lawyers, physicians, Accountants
and others against potential negligence claims made by their clients.
Professional liability insurance may take on different names depending
on the profession. For example, professional liability insurance in
reference to the medical profession may be called Medical Malpractice.
Notaries public may take out errors and omissions insurance
(E&O).
Other potential E&O policyholders include, for example, real
estate
brokers, appraisers, and website developers. There are also specific
E&O policies for technology companies, such as software
developers,
technology consultants and other creators of technology. This coverage
focuses on the failure to perform, financial loss and error or omission
of the products or services sold. Additional coverage
for breach of warranty, intellectual property, personal injury,
security and cost of contract can be added. This term also includes
public liability insurance, business liability insurance, contractors
liability insurance, etc.
But everybody, who is going to purchase a liability insurance faces the
problem: there are so many liability insurance companies around, each
one of them has different conditions - liability insurance cost,
liability insurance quote - you name it. How not to get lost in this
variety of services? Where to get an advice?
Well, all this info is rather easy to be found both on the web and in
some printed sources. But the main issue is understanding liability
insurance policy. Professional liability insurance policies are
generally set up based on a claims-made basis, meaning that the policy
only covers claims made during the policy period, claims which may
relate to incidents occurring before
the coverage was active. It is important to continue your coverage,
because canceling the policy, will in effect, make it as if you never
had coverage for any incidents.
My advice is that you should not hurry when buying yourself an
insurance of any kind. Take out some time researching the subject. You
may go to some independent internet resources giving detailed info on
insurance companies, you can visit forums on the subject and see what
people, who have already used the services of this or that company have
to say. You can also buy topical newspapers and research the situation
on the insurance market by the help of them. No matter what you do,
don't act before you think twice.
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