Why 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.


Contact us at http://www.mjfinsurance.com for a quote today!



About FuscoInsuranceAgency

Independent Insurance Broker Gold & Silver Bullion & Coins Advisor / Sales President of Fusco Insurance Agency, Inc. Providing Solutions For Your Insurance & Retirement Needs! Licensed in NY NJ CT PA MD NC SC TX & FL insuredbyfusco.com E Mail: mfusco@mfuscoinsurance.com Toll Free: (866) 983-8726 Fax (866) 299 - 7990
This entry was posted in Accountants, Accountants Professional Liability, Adams County, Pennsylvania, Advertising Agencies, Air Conditioning Contractors, Alarm Installers, Albany County, New York, Allegheny County, Pennsylvania, Alleging County, New York, Architects, Architects & Engineers Professional Liability, Armed & Unarmed Security, Armstrong County, Pennsylvania, Asbury Park, Atlantic City, New Jersey, Atlantic County, New Jersey, Available In NY,NJ,CT,PA,MD,SC,NC,TX & Fl, Avon, New Jersey, Baltimore, Maryland, Barbers & Beauticians, Barbers and Beauticians Professional Liability, Barnaget, Bayonne, New Jersey, Beauty Salon, Beauty Shops, Beaver County, Pennsylvania, Bedford County, Pennsylvania, Bedminister, New Jersey, 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, Carpenters, Cattaraugus County, New York, Cayuga County, New York, Chautauqua County, New York, Chemung County, New York, Chenango County, New York, Cherry Hill, New Jersey, Clinton County, New York, Columbia County, New York, Columbia County, Pennsylvania, Connecticut, Cortland County, New York, Cumberland County, New Jersey, Daytona, Florida, Delaware County, New York, Deltona, Florida, Dutchess County, Dutchess County, New York, Edison, NJ, Electricians, Erie County, New York, Essex County, New Jersey, Essex County, New York, Florida, Fort Lauderdale, Florida, Franklin County, New York, Fulton County, New York, Genesee a County, New York, Gloucester County, New Jersey, Greene County, New York, Hamilton County, New York, Herkimer County, New York, Hoboken, New Jersey, Hudson County, New Jersey, Hunterdon County, New Jersey, Jackson, NJ, Jacksonville, Florida, Jefferson County, New York, Jersey City, New Jersey, Jersey Shore, Key West, Florida, Kings County, New York, Lewis County, New York, Linden, NJ, Livingston County, New York, Long Beach Island, New Jersey, Long Island City, New York, Madison County, New York, Manhattan, New York, Maryland, Mercer County, New Jersey, Miami, Florida, Middlesex County, New Jersey, Monmouth County, New Jersey, Monroe County, New York, Montgomery County, New York, Morris County, New Jersey, Nassau County, New York, New Jersey, New York, New York County, New York, Niagara County, New York, North Carolina, Ocean City, New Jersey, Ocean County, New Jersey, Old Bridge, NJ, Oneida County, New York, Onondanga County, New York, Ontario County, New York, Orlando, Florida, Oswego a County, New York, Oswego County, New York, Passaic County, New Jersey, Pennsylvania, Putnam County, New York, Queens County, New York, Red Bank, NJ, Rensselaer County, New York, Richmond County, New York, Rockland County, New York, Salem County, New Jersey, Sandy Hook, Saratoga County, New York, Schenectady County, New York, Schoharie County, New York, Schuyler County, New York, Seacaucus, New Jersey, Seaside, NJ, Seneca County, New York, Somerset County, New Jersey, South Carolina, South Philly, St. Lawrence County, New York, Staten Island, Steuben County, New York, Suffolk County, New York, Sullivan County, New York, Susquehanna County, Pennsylvania, Sussex County, New Jersey, Tampa Bay, Florida, Tampa, Florida, Texas, Tioga County, New York, Tompkins County, New York, Toms River, NJ, Ulster County, New York, Union County, New Jersey, Warren County, New Jersey, Warren County, New York, Washington County, New York, Wayne County, New York, Westchester, Westchester County, New York, Wildwood New Jersey, Woodbridge, NJ, Yates County, New York. Bookmark the permalink.

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