Month: January 2021
It’s fairly common knowledge that doctors and lawyers need to maintain malpractice insurance, thanks in large part to the way malpractice claims have been mined for drama on television over the decades. What those dramas leave out is that malpractice insurance is also known as professional liability insurance, a form of coverage that many professionals need across a range of industries. It’s utilized in different forms by not only doctors and lawyers, but also financial professionals, consultants in various specialties, contractors, and even IT professionals. Similarly, nurses working as independent contractors or practitioners need nursing malpractice insurance of their own as a buffer against claims resulting from professional liability due to decisions made on the job.
Who Needs To Buy Malpractice Insurance for Nurses?
Nursing malpractice policies aren’t new, but they are becoming more and more popular. They’ve always been a necessity for nurse practitioners who act as clinicians in their own right, but in many workplaces, professional liability is covered by the employer for full-time employees. As more and more nurses take positions traveling or working in homecare environments as independent contractors, professional liability insurance costs are being passed on to them as self-employed professionals, the same way those costs are passed on to doctors and lawyers with their own practices. If you’ve recently moved into a position as an independent contractor, it’s time for a talk with an insurance provider about carrying your own professional liability coverage.
Police officers work hard to protect and serve in their communities. Law enforcement duties require police officers to be in harms way, both physically and legally. There is protection available through law enforcement insurance to provide these three benefits.
Protects Individual Officers
The coverage police departments and municipalities purchase may not extend to claims against the officer as an individual. Besides worrying about their own conduct, officers can also find themselves in legal trouble through the vicarious liability of their subordinates.
Pays Defense Costs
Officers who are individually named in lawsuits brought by criminals or other persons who had contact with the department may be liable for their own defense costs. Even if the officer is ultimately found not guilty of any wrongdoing, it can cost thousands of dollars in legal fees.
Provides Additional Coverage
Since police officers may be the first on the scene in medical emergencies, law enforcement insurance also covers claims surrounding their duties to administer first aid. In addition, policies may offer coverage for intentional acts which is often an exclusion in many other types of policies. Other included coverages are for claims of the mental anguish brought against the officer.
The legal climate for police officers is in the midst of great upheaval. Officers need to protect themselves and hedge against trouble with the proper insurance.
Professional liability insurance has become vital in more and more professions, but for engineers it has been a necessity for a long time. Like construction firms and boat builders, architects and engineers work on projects that expose them to third party and public liability in the event of a defect in their workmanship, sometimes for decades after the fact. Engineering E&O insurance is a variant on professional liability coverage written to the specific needs and roles of engineers, architects, and other professionals overseeing similar projects.
Funds for Settlement, Litigation & More
Professional liability insurance offers financial support when there are damages to cover, up to the policy maximum. That includes settlement payouts to third parties with claims stemming from that liability, but it can include more than that. A well-written E&O policy also frequently includes financial support for litigation in the event of a claim without merit. That means you don’t have to commit your company’s reserves to a lengthy legal battle. Policy limits still apply, so that makes choosing the right policy absolutely essential for any engineering firm or practicing solo architect. While there are one size fits all professional liability policies out there, they have to be a little vague in their definitions. By contrast, a tailored policy is specific, so you can put your money into just the coverage you need with no gaps or over-insurance.
When you run a business, liability insurance is a number one priority. Liability coverage protects you against the costs associated with a variety of liability claims. If you do not have coverage, your company has to pay for all damages and legal fees to fight claims against your business. Generally, you will be able to choose between general liability and public liability. For some companies, public liability insurance or PLI may be the better option.
What Is PLI?
Retail stores or other businesses that welcome third-party guests and customers require PLI as a minimum requirement. The purpose of public liability insurance is to protect your company and your assets if a person is injured on your property or suffers property loss or damage while on your businesss property.
What Are the Benefits of PLI?
Investing in PLI is usually cost-effective for companies. The costs are not as high as general liability insurance. Keep in mind that PLI only covers the public when it comes to injuries and damages. For businesses that are just starting out, this can be a more economical choice and a choice that makes sense as a minimal policy.
When it comes to your business, liability insurance isnt an option. Without liability insurance, you have to fit the bill for all injuries or damages incurred on your property.