Professional Liability Insurance
Covers more complex risks, such as errors and omissions in the services provided by your organization.
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This type of insurance is specifically crafted for professionals and businesses, ensuring comprehensive protection against potential claims of negligence that may arise from clients or consumers who feel wronged by the services provided.
Here are some key points to understand a professional liability insurance policy:
- Professional liability coverage: The professional liability policy covers errors, omissions, negligence, or other professional misconduct committed by the insured or their employees in the performance of their professional services. This may include errors in advice, incorrect services, breach of contracts, malpractice, data loss, among others.
- Protection against claims: Professional liability insurance provides financial protection in the event that a client files a claim for damages due to an error or negligence in the professional services provided. The insurance covers legal expenses and defense costs, as well as any settlements or awards that must be paid if the insured is found liable.
- Eligible professionals and companies: This type of insurance is relevant for a wide range of professionals and businesses, including lawyers, doctors, architects, engineers, accountants, insurance brokers, real estate agents, consultants, among others. Anyone or any entity that provides professional services can benefit from a professional liability policy..
- Coverage limits: Like other insurance policies, professional liability policies have maximum coverage limits. These limits can be per claim, meaning the limit applies to each individual claim, or they can be aggregate, meaning the limit applies to the total of claims during a specified period. It is important to select appropriate limits to ensure you are protected in the event of significant claims.
- Exclusions and franchises: Professional liability policies may contain specific exclusions and deductibles. Exclusions are situations or circumstances that are not covered by the policy, such as claims related to fraudulent acts or claims arising from dishonest business practices. Deductibles are predetermined amounts that the insured must pay before the insurance coverage takes effect.
It is important that you understand the terms and conditions of the policy, as well as discuss any doubts or questions since each profession and company may have specific requirements and needs regarding professional liability coverage. We will explain the available options so that you can select a policy that fits your particular needs and risks.
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