As someone who is either self-employed or owner of a small company, you are going to want to have professional liability insurance to protect your business. This useful insurance clause is applicable to a whole range of different industries. Here are some reasons why you should take out professional liability insurance for your business.
What is Professional Liability insurance?
Professional liability insurance (sometimes also called professional indemnity insurance or other titles more suited to the industry) is a very specific policy which protects you from claims born from injuries or damage to people or property. Accidents can happen at any time and you need to be prepared for them to the best of your abilities. Here are some of the things professional liability insurance can protect you against.
Personal Injury
If a client was to fall on your property, you could be liable. It could be as simple as someone falling on a step down into a workshop or it could be as understandable as slipping on a floor you have just mopped. Whatever the circumstances, you may be liable to pay compensation or hospital fees so you must make sure you have the correct insurance in place.
Professional liability insurance can help pay out in this circumstance.
Professional Malpractice
If you have a career which gives some sort of advice or service, you are liable for malpractice suits if something goes wrong. It could be down to you simply not suggesting the right path soon enough or the client incorrectly following your advice and becoming injured because of it.
This reason applies to a whole host of different industries. A personal trainer may choose to take out such a clause in case a client injures a muscle due to not lifting weights correctly and blames them. The head of a construction company may choose to take out construction insurance at Next Insurance in case something happens on the building site or shortly after work has been completed, You could fulfil every regulation under the sun and still get things wrong. A therapist could prescribe something which a patient is actually allergic to.
The possibilities are truly endless which makes this insurance policy one of the most basic ones to take out. If you have a small business ideas which regularly has to impart advice as part of your operations, you should definitely include professional liability insurance amongst your policies.
One Size Does Not Fit All
When taking out a professional liability insurance policy, you need to make sure that it fits your industry specifically. A construction worker has no need for a clause best suited for a doctor, so take your time to find the perfect policy for you and your business.
The right insurance policy can truly protect you in the event of some sticky situations. Whether it is for professional liability insurance or one of the other policies which could help you, you should always ensure you have the maximum protection possible.