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.
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.
Unfortunately, in the real estate industry, lawsuits are common. Unhappy clients are prone to filing lawsuits, particularly over mistakes or bad advice. Insurance products are necessary to protect any person in the real estate business. However, if you are a broker or an agent, your insurance options may vary.
What Brokers Need
Brokers are liable for themselves and their agents. On one hand, all brokers need errors and omissions coverage. While agents may also have E&O coverage, the broker is still legally liable for the agents behavior. Also, if a broker has a building, he or she needs property insurance. Likewise, if he or she has agents, clients or guests visiting the office, general liability is important. General liability protects against property damage and injury.
What Agents Need
In general, real estate agents are liable for their actions, rather than the actions of others. If you are an agent, then you are more likely to face a lawsuit based on advice that you gave, particularly when your advice doesnt have the outcome the client hoped for. Most agents need errors and omissions insurance. This protects against lawsuits filed by clients.
Purchasing home insurance can be a complex task, but if you own a high-end home, the stakes can be even higher. When looking for homeowners insurance in New Mexico, there are several benefits to choosing a high-value policy over traditional options.
Higher Coverage for Replacements
Standard homeowners insurance covers the appraised value of your home, not the replacement cost. If you live in a home with custom finishes that are hard to replace, rebuilding your home may cost much more than the appraised value. Likewise, collections that are expensive to replace may not be sufficiently covered by a standard policy, which usually sets a maximum coverage limit of half to three-quarters of the home value for possessions.
Additional Coverage and Services
Most homeowners insurance policies cover your home, possessions, and some liability. High-value coverage can offer higher liability limits for household employees, personal protection, flood insurance, and even identity theft coverage. The greater risks associated with high net worth makes these valuable additions.
Traditionally, homeowners who need expanded coverage in certain areas purchase riders. These can cover specific valuables, floods, or liability risks. Someone who needs several of these would see the cost quickly add up, potentially costing more than a high-value policy.
The underlying hope of homeowners insurance is that you should never need to use it. However, if you have a luxury home, opting for a high-value policy may provide the additional coverage you need to fully recover if you have to.
As an educator, your students are your priority. You do what you can to teach them everything they need to know. But did you know that you can be liable for certain issues that arise inside and outside the classroom? Educators’ professional liability insurance can help protect your finances and your professional reputation.
Why You Need the Coverage
No matter what capacity you work in at the school, whether youre a teacher or an administrator, you interact with students throughout the day. You assume responsibility for those students when theyre at the school. Unfortunately, people are filing more lawsuits against educators for various reasons. These include the following:
- Hiring unqualified staff members
- Allegations of sexual assault
- Allegations of physical assault
- Violation of civil rights
- Failure to respond to dangerous situations
- Failure to provide quality education
The risks you face as an educator can result in serious legal fees and high settlement amounts. By investing in personal liability coverage for educators, youll be able to protect your personal finances if you ever face a lawsuit.
What the Coverage Does
If youre sued by a student, parent or another staff member, your personal liability insurance will help cover your legal fees and settlement amounts. This allows you to retain your personal savings for the things that matter most.
Liability suits happen all the time. Make sure youre protected with the right coverage for your needs.
When you run a nonprofit organization, you rely on your volunteers to serve the community and make a difference in the world at large. Though standard nonprofit insurance is enough to protect your full-time staff members and the organization itself, it’s not enough to protect your volunteers. To do that, you need dedicated volunteer insurance coverage.
What the Policy Does
A dedicated volunteer insurance policy helps reduce your organization’s liability risk across the board. Since your volunteers represent your organization, they’re often the ones interacting with the public and providing services to the greater community. This means they’re at risk for liability issues and damages if they’re not careful. The volunteer policy extends liability protection to your volunteers when they’re representing your organization and engaging with the public.
What To Look For
The right volunteer coverage for your organization largely depends on the types of activities your volunteers will be involved in. When shopping for a policy, look for the following characteristics:
- Specific coverage for volunteers, not employees
- Enhanced liability coverage both on and off-site
- Affordable monthly premiums
- Coverage limits that fit your needs and risks
- Great client support
- A clear claims process
Insuring your volunteers in addition to your employees is the best way to protect your organization in the long-run. Choose a dedicated volunteer policy and you’ll be able to protect your team at all times.
Boating is one of the greatest pastimes. With all of the adventures you go on, your boat should stay in the best shape possible. Here are some daily boat maintenance tips to keep your vessel performing at its finest.
Find the Right Insurance
Having your boat insured is an important part of protecting yourself and providing longevity for your passion. Your boat is an investment, and the right insurance can protect you from several issues, such as:
- Accidents where you are responsible
- Towing costs
- Environmental and collision damage
Boats go to uncharted territories and end up in unexpected situations. It is always best to have your adventures covered.
Keep it Pristine
You can help prevent your boat from breaking down by creating a daily maintenance routine for your boats exterior.
Damage can come from long term exposure to:
Routinely clean your boat by hosing it down with freshwater as well as polishing the Gelcoat. It is a wise investment to detail your boat once a year. Thoroughly clean the interior and exterior of your vessel with the right supplies or hire a professional company.
With a daily boat maintenance routine and the right coverage, you and your passengers are taken care of and ready to set sail.
If you made your money in business, you’ve probably already heard about how important cyber security can be. Every year, major companies are exposed to liability and financial loss when hackers and other fraudulent actors steal their information or use their systems to commit fraud. What you might not realize is that high net worth individuals often face many of the same risks to their assets and cash online. Cyber security coverages for high net-worth people are designed to protect your wealth from attempts to defraud your accounts and sometimes from the possibility of criminal actions by those entrusted with managing that wealth.
Best Practices for Maximized Protection
Cyber insurance for individuals is its most cost-effective when your risks are mitigated with good security practices on the ground. That means you can work with an insurer to discover the investments that correlate the most with increased security and reduced fraud risks, to make sure your investment in new security protection at the level of software and contracted labor is cost-effective and contributes to the overall cost-effectiveness of your risk management plan. The results can be powerful; especially if this is the first time you’re establishing full cyber security protocols. Don’t wait to get yourself personal protection that is as robust as the coverage you’d demand for your businesses.
What is a blanket bond? For those unfamiliar with bank insurance, the term might sound confusing; but it makes sense when you know what the individual words mean. A bond is a type of insurance purchased by a bank. The word blanket refers to something that covers, or blankets, all employees. So, simply stated, a blanket bond is an insurance policy covering a financial institution in case an employee commits a criminal act that causes the company to lose money or property.
Who Is Bonded
A bonded employee is one for whom the bank has an insurance policy in case he or she commits a dishonest or immoral act. For example, if an employee steals money, the insurance company would reimburse the bank for the amount stolen. Coverage is automatic upon being hired, so with a blanket bond, the bank is not required to present evidence as to which employee was dishonest.
Which Criminal Acts Are Covered
The insurance firm at www.fgib.com lists the following risks as being covered:
- Documents forged
- Counterfeit money accepted in good faith
- Money or property lost or stolen during delivery
- Money stolen by employees
- Property vandalized
- Bad checks written or accepted
Blanket bonds are often required by law and are one of the many types of insurance usually required for banks.