The Importance Of Professional Liability Insurance

While the medical profession may be widely associated with having occupation-related insurance, there are a number of professions whereby carrying professional liability insurance would be particularly beneficial. Malpractice insurance, as it is commonly known when referring to doctors and other medical professionals, is but one term for this sort of coverage. Attorneys often carry these sorts of plans, and insurance coverage of this nature would be appropriate for a notary public as well. Moreover, many professionals beyond the aforementioned realms are considering professional liability insurance with increasing frequency.


Beyond the medical and legal professions, it is no longer uncommon for those who interact with the public in a broad range of capacities to carry professional insurance coverage. Appraisers and real estate brokers, for example, frequently seek this sort of coverage. This potentially career-saving coverage is often used by engineers and various professionals involved with the development of technology as well. For virtually any professional that may run the risk of having their products or services open to interpretation by customers or clients, having professional liability insurance may be a prudent choice.

Considering the continuing trend towards relatively large court settlements resulting from perceived negligence, it is not surprising that so many professionals have sought to protect themselves from uncontrollable or unfortunate occupation-related outcomes. While it is understandable that receiving compensation for negligent behaviors or improper services may be warranted, there are oftentimes products or circumstances which may be beyond the control of even a competent professional. Protecting oneself from such uncontrollable variables, therefore, may be a wise career move.

General liability coverage may be adequate for situations involving advertising or property damage and for personal injury cases as well. Professional liability insurance, however, covers a multitude of legal claims that fall outside of the aforementioned categories. For many professionals and businesses, this specialized type of coverage may protect against more subjective claims, and incidents more open to interpretation.

Another continuing trend, whether due to the current economic climate or due to personal preference, is the prevalence of working in a freelance capacity. While this may allow for more personal flexibility on a number of levels, forgoing the traditional connection to a single employer may further open up a professional to potential liabilities. Indemnity coverage, therefore, may be particularly advisable if you are a freelancer.

Professional liability insurance may serve as an indispensible safeguard for a variety of professionals. Even for occupations that would not ordinarily be considered particularly risky in terms of their related products or services, the current climate may prove otherwise. While the thought of paying insurance premiums may seem discouraging, the potential long-range protection and peace of mind may make seeking out an affordable form of coverage an extremely prudent endeavor.

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