As a business owner, you probably see risks all around you. A business is like a child, and you are constantly putting your child’s wellbeing in the hands of other people, such as employees, other businesses, clients or customers, and so on. With all of the possible things that could go wrong, you might wonder what options are out there to protect your business.
One way that many people opt to protect their business is to get professional liability insurance.
Some of the Most Commonly Asked Questions about Professional Liability Insurance
Who Needs Professional Liability Insurance?
Anyone who works in a field that receives advice or counsel from other businesses or organizations could benefit from professional liability insurance.…
On any given day, we rely on the quality work of dozens of professionals—even if we don’t stop to reflect on it.
When driving over a bridge, we put our lives in the hands of the engineers who designed the bridge. When we visit a pharmacy for a prescription, we rely on the staff to give us the right medication at the right dosage. Even going for a haircut, we assume the hairstylist went through beauty school and knows what he or she is doing.
Most people don’t think about it, because we trust that these professionals are certified, responsible, and engaged in the work that they do, and most of the time they are.…
There’s a reason professionals who work in fields such as medicine, law, and accounting have to complete years of specialized training: these are the people who can affect our health and finances based on how well they perform their job. They have a duty of care to their patients and clients, and they’re expected to do everything that a professional in their position reasonably could to ensure their patients’ or clients’ well-being.
Because of this, we generally think we’re in good hands when dealing with a doctor, lawyer, or accountant, and have respect for their authority. So it can be quite shocking when something goes wrong and we realize that a professional has not lived up to their field’s standard of care.…