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Professional liability insurance, also known as professional indemnity insurance, offers protection for professionals who may be held liable for damages arising from their professional services. This type of insurance can be vital for businesses in a wide range of industries, from accountants and lawyers to doctors and architects.
Professional liability insurance can cover the cost of defending against a lawsuit, as well as any damages that may be awarded to the plaintiff. In some cases, it can also cover the cost of settlements reached before a lawsuit is filed. Whether you’re just starting out in your field or you’ve been in business for years, this type of business insurance is an important part of managing your risk.
As a professional, you are always at risk of being sued for professional negligence. If a client believes that you have failed to provide the services they have paid for, they could take legal action against you. Even if the case is eventually thrown out of court, the legal fees can be very high. This is where professional liability insurance comes in.
It will cover the cost of your legal fees if you are ever sued for professional negligence. In addition, it can also cover any damages that may be awarded to the client if they are successful in their case against you. Consequently, professional liability insurance is an essential form of protection for any professional.
You can rest easy with Torian. As independent Insurance agents, we work for YOU, not the insurance companies! Our expert staff has your best interest at heart which means providing the best coverage.