Commercial Insurance Needs for Licensed Professionals

Licensed professionals such as doctors, dentists, lawyers, accountants, and pharmacists, etc. have special insurance needs for Professional Liability Insurance. This specialized insurance coverage is sometimes referred to as Errors and Omissions Insurance. For healthcare professionals, is it also called Malpractice Insurance.

The critical need for this type of insurance arises from the fact that small mistakes can ultimately lead to huge lawsuits. Pretty much everyone makes mistakes. For some professionals, these mistakes can be very costly, like when a stockbroker hits the sell button on the screen instead of the intended buy button. Millions of dollars, maybe even billions of dollars over the years, have been lost in this way from such a simple mistake.

Other mistakes are more serious when they result in the permanent disability or the death of a person. This is a huge liability risk for healthcare workers.

Liability may arise for a professional even if there is no mistake or bad intent. An example of this would be a client of a hairstylist that has a serious allergic reaction to a hair care product. No one should expect a hairstylist to know about an undiscovered allergy, especially if the client did not warn them about having any allergies. Nevertheless, when such an unfortunate thing occurs the hairstylist will probably face a lawsuit. To be sure that you have adequate professional liability insurance coverage consult with your agent at Attain Insurance in Fort Payne, AL.

Special Needs for Professional Liability Insurance

For each industry sector of professionals, the liability insurance is designed for the specific needs of those professionals working in that sector. For example, architects need different items covered than doctors. An architect may need coverage for design flaws in building construction plans that cause third-parties to be harmed. A doctor may give an incorrect prescription or treatment that causes someone to become disabled or die.

Whatever your insurance needs might be, as an active professional, contact your agent at Attain Insurance, serving Fort Payne, AL and the surrounding area, for a quote.