For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
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 isyou.
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 Look at Professional 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 as malware 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 of their 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 reputational crisis
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 FocusonYour CareerwithProfessional 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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