Professional liability insurance also called as personal indemnity insurance is something which is needed to consider depending on your profession and specific liabilities. Many lawsuits which are claimed against the business can be protected by availing the personal liability insurance policy.
If your business provides a specialized service to clients/customers, then you can be charged for your professional negligence or failing to perform your professional duties as they expected. Even if you do everything right, unexpected errors can happen and they may keep your client from conducting his or her own business. To protect your interests from this type of risk, you must have liability insurance.
For example, if your business work on a client’s database and something goes wrong, the cost of replacimg the hardware and software may be excessive. Irreplaceable data may be lost. If you develop a software or design websites, you are at risk for claim of copyright infringement. In this case you may want to include intellectual property insurance to cover any liability on your part. This is an example which helps to to understand what professional liability insurance would cover similar to the above intellectual property insurance.
It is critical to carry a professional liability insurance policy by the person who is possible to be accused for his negligence even if he feels he did nothing wrong. This liability insurance is something that many professions like engineers, surveyors, home inspectors, architects and more can benefit from lawsuits.
Obviously, other professionals such as doctors, lawyers, accountants, teachers, contractors, nurses, physicians, consultants, counselors, IT personnel, web designers, software engineers, stock brokers etc., also need liability insurance coverage as well. Simply saying that, if you are giving professional advice or performing duties for a fee, you need to consider this policy.
For example, if your business work on a client’s database and something goes wrong, the cost of replacimg the hardware and software may be excessive. Irreplaceable data may be lost. If you develop a software or design websites, you are at risk for claim of copyright infringement. In this case you may want to include intellectual property insurance to cover any liability on your part. This is an example which helps to to understand what professional liability insurance would cover similar to the above intellectual property insurance.
It is critical to carry a professional liability insurance policy by the person who is possible to be accused for his negligence even if he feels he did nothing wrong. This liability insurance is something that many professions like engineers, surveyors, home inspectors, architects and more can benefit from lawsuits.
Obviously, other professionals such as doctors, lawyers, accountants, teachers, contractors, nurses, physicians, consultants, counselors, IT personnel, web designers, software engineers, stock brokers etc., also need liability insurance coverage as well. Simply saying that, if you are giving professional advice or performing duties for a fee, you need to consider this policy.
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