Professional Liability

Professional Liability

Professionals, such as doctors, lawyers and accountants, along with a growing number of other occupations, need special insurance protection. Besides the grand old professions, pharmacists, architects, engineers, opticians, beauticians, insurance agents, and various types of consultants are frequently sued due to the high standard of accountability under which they operate.

In most instances, a general or commercial general liability policy will protect a business against damage or injury their actions may cause to others. However, this type policy is designed to handle loss associated with fairly generic and low-risk activities. Examples are customers who cut their hands on a sharp edge of an office’s reception desk or a customer who is hurt when she collides with a clerk who is stocking a shelf. Much more is at stake with professional activities. Consider several aspects that make professional liability tougher to insure:

Professional Advice–Persons who need professional liability coverage are those whom the general public depend upon as experts. They provide assistance with special issues such as personal health, expensive business transactions, or personal crises. Many of these situations also involve a high-level of emotion. When something goes wrong, it is much more likely that a client will pursue “justice” through the courts.

Professional Reputation–Any claim a client makes against a professional involves that individual’s reputation. In many instances, paying a claim bears the stigma of admitting to a mistake. The professional may suffer from a lowered status and could face sanctions from related professional associations or regulatory authorities. Further, many professionals are proud of their standing and their abilities; admitting being wrong is usually fiercely resisted.

Higher Defense Costs–Defending against claims of professional error or incompetence is usually very expensive and time-consuming. Trials will generally involve expert testimony and technical arguments and the likelihood of resolving issues quickly (particularly via a settlement) is extremely low.

Identifying A Loss–The timing between when a loss occurs and when a claim or suit is filed can be a mystery. A professional may find out she’s being sued today for something that happened ten years ago. The potential for a huge time gap before a loss arises makes professional liability a very difficult type of business to underwrite and to price.

You have invested a lot in your business and your profession. It is important to be sure that you take the steps to deal with the special as well as the routine sources of loss. As usual, it is always a good idea to discuss your questions and needs with an insurance professional.

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This entry was posted in Accountants, Accountants Professional Liability, Adams County, Pennsylvania, Advertising Agencies, Albany County, New York, Allegheny County, Pennsylvania, Alleging County, New York, Architects, Architects & Engineers Professional Liability, Asbury Park, Atlantic City, New Jersey, Atlantic County, New Jersey, Barber Shops, Barbers & Beauticians, Barbers and Beauticians Professional Liability, Barnaget, Bayonne, New Jersey, Beauty Shops, Beaver County, Pennsylvania, Bedford County, Pennsylvania, Belmar, Bergen County, New Jersey, Berks County, Pennsylvania, Blair County, Pennsylvania, Bradford County, Pennsylvania, Bridgewater, NJ, Brielle, New Jersey, Brooklyn, New York, Broome County, New York, Bucks County, Pennsylvania, Burlington County, New Jersey, Butler County, Pennsylvania, Cambria County, Pennsylvania, Camden County, New Jersey, Camden, NJ, Cameron County, Pennsylvania, Cape May County, New Jersey, Cape May New Jersey, Carbon County, Pennsylvania, Cattaraugus County, New York, Cayuga County, New York, Centre County, Pennsylvania, Chautauqua County, New York, Chemung County, New York, Chenango County, New York, Cherry Hill, New Jersey, Chester County, Pennsylvania, Clarion County, Pennsylvania, Clearfield County, Pennsylvania, Clinton County, New York, Clinton County, Pennsylvania, Columbia County, New York, Columbia County, Pennsylvania, Construction Foreman, Construction Project Manager, Consultants, Cortland County, New York, Crawford County, Pennsylvania, Cumberland County, New Jersey, Cumberland County, Pennsylvania, Dauphin County, Pennsylvania, Delaware County, New York, Delaware County, Pennsylvania, Dentists, Doctors, Dutchess County, Dutchess County, New York, Edison, NJ, Elk County, Pennsylvania, Engineers, Erie County, New York, Erie County, Pennsylvania, Essex County, New Jersey, Essex County, New York, Excavation Projects, Exterminators, Fayette County, Pennsylvania, Forest County, Pennsylvania, Franklin County, New York, Franklin County, Pennsylvania, Fulton County, New York, Fulton County, Pennsylvania, Genesee a County, New York, Gloucester County, New Jersey, Greene County, New York, Greene County, Pennsylvania, Hamilton County, New York, Herkimer County, New York, Hoboken, New Jersey, Hudson County, New Jersey, Hunterdon County, New Jersey, Huntingdon County, Pennsylvania, Independent Contractors, Insurance Quote Request, Jackson, NJ, Jefferson County, New York, Jefferson County, Pennsylvania, Jersey City, New Jersey, Jersey Shore, Juanita County, Pennsylvania, Kings County, New York, Lackawanna County, Pennsylvania, Lancaster County, Pennsylvania, Lansdcapers, Lawrence County, Pennsylvania, Lawyers, Lebanon County, Pennsylvania, Lehigh County, Pennsylvania, Lewis County, New York, Linden, New Jersey, Linden, NJ, Livingston County, New York, Long Beach Island, New Jersey, Long Island City, New York, Long Island, New York, Luzerne County, Pennsylvania, Lycoming County, Pennsylvania, Madison County, New York, Manhattan, New York, McKean County, Pennsylvania, Mercer County, New Jersey, Mercer County, Pennsylvania, Middlesex County, New Jersey, Monmouth County, New Jersey, Monroe County, New York, Monroe County, Pennsylvania, Montgomery County, New York, Montgomery County, Pennsylvania, Montour County, Pennsylvania, Morris County, New Jersey, Mufflin County, Pennsylvania, N.J. 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