Professional liability insurance protects you and your business in the case that a client is harmed due to advice or a service that you gave them. This type of insurance is necessary for many different professions, which is why there are specific coverages like attorneys professional liability insurance.
Here are a few things that you need to know:
What Exactly Does it Protect From
Normally when one of your client uses the advice, service or product that you gave them, you are liable for any events that follow. If you told someone that they should invest all of their money in a certain stock and that stock crashes, you could be liable for their losses. If you build a deck for someone and they fall off, you could be liable for the medical bills. With professional liability insurance, you are no longer at risk for these claims.
Who Can Benefit
Anyone business that provides a professional service can benefit. There’s attorneys professional liability insurance, but many accountants, consultants, architects, brokers, escrow agents, and lenders get this type of policy.
Talk to an Expert
In order to find out if your business would benefit from professional liability insurance, you should talk to an expert. They will also be able to give you advice on other types of insurance that you and your business may need. Get attorneys professional liability insurance, or whatever kind you need, when you talk to experts today.