Professional liability insurance company provides professional liability insurance that is specialty coverage when the liability is confined to the acts of negligence by the hired professionals. For any kind of job, the professionals are hired and they are expected to carry out the work to the best of their ability.
It is also believed that the professionals are having the necessary expertise and knowledge that is required. In addition to the professional skill, the hired professionals are also supposed to maintain some code of conduct while in the business.
But in that case when the professionals fail to complete their work and cause loss to another person�s business are taken to the court for all the losses occurred. They then need the professional liability insurance when the liability is confined to the acts of negligence.
The insurance companies provide professional liability insurance in order to protect the clients against the damages from the claims of the errors of omission in performance of the client�s professional work. The legal defense cost is also covered by the professional liability insurance.
The cost covered by the professional liability insurance that also include the court costs generally depends on the client�s insurance policy .
There are varieties types of professional liability insurances available provided by the insurance companies meeting the requirements and needs of the clients. The claims of libel, slander and invasion of privacy are covered by personal injury. The claims of copyright infringement on the clients are covered under intellectual property infringement coverage. The software processes and systems generally come under the intellectual property category.
Professional liability insurance can also be implemented in the medical business. Professional liability insurance is not typically just for doctors or hospitals but anyone in the medical business can purchase the insurance. The allegations of malpractice are the most common issue that is covered by the professional liability insurance in medical. The location of the medical business, the specialty and the demographics of the clientele decide on the type of professional liability insurance to be taken by any medical businessman. The cost of professional liability insurance of the medical business generally depends on the limits of liability and claims experiences that a client selects.
General liability insurance is bought by the policyholders either independently or as a part of the Business Owners Policy and it protects the assets of a company when it is facing lawsuit for the damages inflicted upon a person through property damage or injury which may or may not be done by the company.
Last Updated on : 12th Sept. 2013