As a professional, you know how important your advice is. You provide people with important information and help. No matter the type, your clients rely on this information. When something goes wrong, the claims can be very high. Having professional liability insurance is critical. However, your needs may change throughout the years. It is critical, then, that you have quality insurance coverage matching your risks. Here is a closer look.
What Does Professional Liability Insurance Do?
If you opened a small retail outlet, you would purchase general liability insurance. This is a basic level of protection against the claims of others.
However, you provide a higher-valued service. The implications of a mistake at a professional level are much higher. If you make a mistake, you could cost an individual a lot of pain and suffering, not to mention, money. Professional liability insurance applies at this point.
See it as an extra layer of protection. It adds more liability insurance to your business. At the same time, it extends coverage to the advice and guidance you offer. Claims are not just about a broken product here. Rather, they about the things you say and do that impact others.
When to Review It
Over the course of the year, you may want to take a second look at your existing policy. From time-to-time, contact your business insurance agent. Doing this every quarter is ideal.
Discuss the claims you had during the year so far. How much has the policy had to pay out for those claims this far? Sometimes, companies do not recognize the value of such policies until they start to run out.
By contacting your agent throughout the year, you learn how your benefits are working.
- Are they providing enough coverage?
- Is there plenty of room left to cover any additional claims occurring this year?
This is critical for some professionals. Doctors, dentists, and lawyers, for example, may see numerous claims throughout the year. If you waited to update your policy at an annual review, it may be too late. Your agent can help update your coverage now, in the middle of the year, if necessary.
Claims are not uncommon. When you have professional liability insurance, you need ongoing support for your business. Be sure your policy continues to offer enough protection. It could be critical to protecting your business. Your agent is there to help at 888.512.8878.
Also Read: 4 Reasons Freelancers Need Professional Liability Insurance