BusinessGeneral liability insurance is a great product to protect businesses from some of the basic liability claims their clients and customers may make. For some business owners, general liability may not go as deep as they need.

Financial, legal, medical and other professionals who’ve had to get certificates, specialized education and/ or licenses in order to conduct business are expected to act within acknowledged and appropriate standards for their profession, and their backgrounds and certification make them accountable for upholding these specialized and stringent expectations. That is a more specific requirement than general liability will take responsibility for. Professional liability insurance can protect them from harm that arises out of their failure to follow these standards.

Professional liability insurance can be issued as a general “Professional” policy or as an industry-specific coverage, such as malpractice or errors & omissions.

·         Malpractice: Nutritionists, physical therapists, trainers, doctors and others can all be subject to malpractice claims. Malpractice occurs when a medical professional is negligent in following accepted standard practices for treatment and disclosures and that negligence leads to injury or death.

Lawyers are also subject to malpractice claims for breaches in fiduciary duties, breach of contract or negligence that causes a client harm.

·         Errors & omissions: As a legal, financial or real estate professional, you could make a mistake on paperwork or in arranging a contract, and that error could cause financial harm to a client. If you do, errors & omissions insurance may offer you some liability protection.

There is a wide range of professionals who would benefit from a professional liability policy. From technology specialists to plumbers, consultants to contractors, as well as all the professionals mentioned above.

When you shop for coverage, you’ll be asked to choose both a limit, which is the maximum payout for your policy, and a self-insured retention, which is basically a deductible. In order to get the best coverage be conservative when deciding how much to self insure and generous when choosing a limit for your policy.

If you are concerned that your general liability policy might offer insufficient coverage from your actual risk exposure, give us a call. We can conduct a policy review and make recommendations for additional products that increase the protection for your specific situation.

If you would like to find out what insurance policy your business can benefit from, or to get a free Norfolk Business Insurance quote, give us a call today at 757-583-1828.

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