Commercial insurance covers a broad range of services and products for businesses of all sizes. From general liability, to property and product exposures, to professional liability and umbrella coverage, every business is unique, and subject to its own concerns and requires protection from any legal issues arising from the products and/or services they offer.
Doctors and lawyers, because they provide professional services, should purchase professional liability coverage to protect them from claims of malpractice or misrepresentation. And it’s really quite easy to go online, or make a phone call, and get a commercial insurance quote regarding this important coverage. There are many other professionals that can benefit from this coverage including:
- Travel agents
- Tax preparers
- Computer analysts, and many more
Mistakes and errors are a common issue in every type of business. Some mistakes are easy to rectify, provided there isn’t a time constraint involved or the issue can quickly and reasonably be fixed. For example, if a lawyer forgets to file a document with the court, but realizes it before the deadline, he or she can still resolve the issue without any real damage being done.
However, if an attorney’s mistake results in the client being fined, or receiving an unfavorable judgment due to an error made by that attorney, or anyone assisting with the case, this will likely result in a claim being filed.
As any attorney knows, they are constantly faced with the possibility of a malpractice lawsuit arising from errors and omissions. In addition, accusations can stem from failing to meet a client’s expectations, or attempts by clients to recoup financial losses while investing in an attorney’s services.
These types of claims are very common, and without coverage in place, an attorney or firm could face irreparable damages. Even when claims of this type are unfounded, a defense or settlement of a lawsuit can cause a great deal of disruption, in addition to reducing billable time, along with exposing personal assets and creating financial hardship.
This is an unaffordable risk, and no one should ever be in this position. Take the time to get a commercial insurance quote and secure the valuable protection needed by all professionals.