Professional liability insurance, also referred to as Professional Indemnity Insurance, PI Insurance, or PII insurance, and more commonly known in the US as E&O Insurance, aka Errors and Omissions Insurance, is a form of business insurance designed to protect professionals against any claims - both alleged and actual - of that professional’s negligence involving a client.
In layman’s terms, professional liability insurance indemnifies professionals from any errors in judgment they make within their field. Things like missed deadlines, failed deliveries, budget overruns, or incomplete work are all things that happen to businesses.
But who covers the costs?
Unless your business has professional liability insurance, the answer to this question is you.
In an unpredictable world where human error is almost impossible to escape, professionals from every field should invest in a solid professional liability insurance plan.
By having a reliable professional liability insurance plan aside from public liability or general liability insurance, professionals can focus better on their careers and rest assured that their backs are covered when they need it most.
Also read: Excess Liability Insurance Coverage: Quotes from $11
A Closer LookatProfessional Liability Insurance
This form of insurance is about so much more than human error. Today’s professionals have so many different liabilities to consider, many of which would never even have been concerning up until the past decade.
Consider the following threats to any given career in 2021:
Cybersecurity threats such asmalware or phishing
The global COVID-19 pandemic
Identity theft
Threats such as these never used to be a problem. But today, professionals in almost every field can feel the weight oftheir potential for career damage. In addition to these recently evolved threats to professional careers, here are some other common reasons to get insurance:
Political instability
Organized crime
Public image or reputationalcrisis
Constantly legal and regulatory shifts
A typical professional liability insurance policy is set up on a claims-made basis, implying that the plan generally only covers incidents occurring within the policy period. In other words, professionals will only receive cover for claims made during the active period of their plan, and not before or after.
Making plans to protect yourself in the event of a medical crisis or natural disaster is considered standard. But not enough people consider the damages that may ensue from business matters that lie outside of an individual’s hands.
In 2021, investing in professional liability insurance should form a part of any business’s risk adjustment and management strategy.
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How Professional Liability Insurance Can Improve Your Career
When you know that your professional status is safe regardless of the chaos that goes on around you, more time and energy can be invested into focusing on what’s important: your career.
No matter what industry or field you work in, chances are you’ve worked very hard to get where you are now. Choosing not to have a backup plan to support it could be the demise of your position.
On top of all the regular issues facing businesses in today’s world, the COVID-19 pandemic has proved to everyone that our systems are more fragile than we think. Investing in a professional liability insurance plan is a future-oriented decision.
Regardless of where your career is headed, the future is irrevocably a part of it. Preparing for the worst is one way to focus on being the best at your job.
Here are some ways a professional liability insurance plan can improve your career:
Once you’ve climbed your way up to a solid position in your field, what could be more important than putting 100% of your time, energy, and focus into the pursuit of your professional goals?
Concentrating on career growth is always tough when there are a million and one things to do. But with a great professional liability insurance plan in place, you can prioritize your future goals and take the right steps towards achieving them.
Lawsuits can be extremely expensive when you don’t have legal backup. Having a professional liability insurance plan will mean that you never have to pay for a lawsuit out of your own pocket. Instead, you can use that money to grow and develop your business.
2021 proved an exceptionally expensive year for US lawsuits, totaling $23.71 billion this year alone. This figure is significantly higher than in previous years. Clearly, this is not an area of business that any US professionals can afford to dismiss.
Having the right protocols and plans in place demonstrates a level of professionalism in the workplace. When businesses or business figures carry professional liability insurance, it sends a message of preparedness, thoroughness, and efficiency to both clients and competitors.
Clients often seek out engagement with businesses and professionals that have a reputation for excellence and consistency. One way to maintain that status of quality is to set up a professional insurance plan. In fact, it can mean the difference between gaining or losing a new client.
On top of all the business benefits you can receive from investing in professional liability insurance, there are mental and emotional advantages too. Having the right insurance has proven to make people less anxious, and business insurance is no different.
The peace of mind that comes with knowing any disaster can be smoothly averted can help to reduce stress. Helping professionals tackle their careers with more confidence.
Put a Sharper Focus on Your Career with Professional Liability Insurance
At the end of the day, having business insurance is non-negotiable, and professional liability insurance can help you further your business. All while allowing for an optimal amount of time and focus to be placed on your personal career.
Professional liability insurance offers businessmen and women the opportunity to receive expansive coverage for liabilities that other forms of insurance simply cannot reach. With the right plan in place, you can put your worries aside and direct all your energy into your work.
Knowing which insurance plans to go with can be difficult if you lack previous experience or knowledge, which is why Insuranks has developed a system for easy identification, comparison, and selection of insurance plans for every area of life.
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Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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