From lawyers to physicians, the individuals involved in advising business are prone to mistakes, which can lead to different types of losses for their clients. General liability insurance can only protect the advisory firms against property damage or bodily losses. However, the professional liability insurance can extend its support to these advisors in situations like infringements, negligence and imprecise advices given to the clients.
For instance, if you are a lawyer and one of your clients bear financial losses due to your negligence, it can’t be covered by general liability insurance. For such situations, you need to protect your business using professional liability insurance covers. Other businesses eligible for this type of insurance cover include software and web development, architecture, accountancy, real estate brokerage and so on. As you can see, all these businesses are associated with advising the clients or designing products for them and thus, require to be covered by this special insurance cover.
7 comments:
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Nice informative post! It is better to think about all options before selecting the best option. The nature of your business will be the key determining factor when deciding the required liability insurance for your business.
Thanks...
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Great post and well defined about the types of liability insurance.
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Yes professional indemnity plans do helps a lot in servicing and advising kind of business. It not only proves beneficial for the owner but even for the client too as in any case an advice may prove wrong then this policy will help to defend in that course of action.
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Yes professional indemnity plans do helps a lot in servicing and advising kind of business. It not only proves beneficial for the owner but even for the client too as in any case an advice may prove wrong then this policy will help to defend in that course of action.
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Yes professional indemnity plans do helps a lot in servicing and advising kind of business. It not only proves beneficial for the owner but even for the client too as in any case an advice may prove wrong then this policy will help to defend in that course of action.
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First time I have seen your blog and what a great post that was!Remember the saying “Genius is 99% perspiration and 1% inspiration”So once you have a great idea you have to work hard to turn it into a viable product that doesn’t just exist in your head.
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