Washington Professional Liability Insurance
As a professional, people expect you to have a certain level of proficiency in your specific discipline. In addition, you are expected to be able to perform your services accurately and professionally in accordance with the common conduct standards of your profession. Whether it is with intent or not, professionals can sometimes fail on the job and are then held accountable for any harm that is caused to other persons or businesses.
Washington Professional Liability Insurance policies are typically issued based on claims. This means that coverage will usually only extend to events that take place when the coverage is active. Therefore, it is crucial that you make certain you have the right type of coverage effectively in place and do not allow it to lapse at any time. This way, you will ensure your business is properly protected against any unexpected and damaging events.
What Exactly Is Professional Indemnity Insurance?
A Professional Liability policy will provide you with financial protection against lawsuits that are related to your particular profession. This type of insurance is most often purchased by architects, doctors, engineers and lawyers. However, many other professionals also have a need for this type of protection.
If a patient or client files a claim against the professional capacity of you or your company, your legal fees, court costs and settlement expenses will be covered by your personal liability insurance policy. Through the use of market directories and policy descriptions in combination with a detailed analysis of common pitfalls and problems within your industry, Libke Insurance Associates Inc can confidently evaluate and arrange a Professional Liability Insurance program that will address all of your specific needs.
Professional Liability Vs. General Liability
A General Liability Insurance policy will cover only the claims that stem from advertising injury, bodily injury, personal injury and property damage. However, a client may decide to take legal action against you for damages that are a direct result from negligence, violation of good faith, misrepresentation, error, failure to offer a service or render an opinion by you or your company. This type of action will not be covered by your general liability insurance policy.
A professional liability policy through Libke Insurance Associates Inc will help you pay for attorney fees, judgments, settlements and court costs. Even when such claims are found to be unwarranted, the associated extended litigation can place a significant drain on your company's financial reserves. This type of claim can arise seemingly in an instant and could leave your company dangling on the verge of bankruptcy.
When you operate a business, you face significant risk. You are not only responsible for your property and your employees, but you are also responsible for the people with which your company comes in contact. Professional liability covers not only the same risk exposures as a general liability policy does, but also covers the events that are more specific to those in certain professional industries.
Who Needs Professional Indemnity Insurance In Washington State?
While any type of company that does business that includes coming in direct contact with clients may have a need for Professional Liability coverage. The most common professionals to invest in this type of coverage include:
- Church Counselors
- Funeral Directors
- Healthcare Professionals
There is not an insurance policy of this type that is going to be a one-size-fits-all product that any professional can utilize. Libke Insurance Associates Inc understands that these policies have to be written with extreme care in order to make certain that each and every exposure and risk of your exact business type is covered as it should be.
While some of these liability policies may include defense expenses associated with legal cases within limits of the policy, others will exclude retributive damages that are given to the plaintiff. The wording in this type of professional insurance policy will vary from one company to the next and each policy is carefully written to ensure the coverage that you purchase adequately suits your specific risk exposures.
When it comes to successfully running a business, there is no foolproof plan that will omit the risk of damages caused by human error. The very next mistake that is made by you or one of your employees could be seriously expensive. However, with the right Professional Indemnity Insurance policy through an agent that you can trust will help cover the costs that are incurred from such claims.
You are just a click away from the peace of mind of knowing that your company is well protected against any possible litigation that comes from costly errors made in the course of providing professional services. Simply click on the quote request button and you will soon be able to rest easy with the knowledge that you are prepared for all of the little surprises that come with running a business like yours. Do not wait until it is too late to make sure you have the right coverage, act now to save your company and your livelihood.