{"id":52531,"date":"2021-05-17T16:57:20","date_gmt":"2021-05-17T15:57:20","guid":{"rendered":"https:\/\/ghanadmission.com\/?p=52531"},"modified":"2021-05-17T16:57:55","modified_gmt":"2021-05-17T15:57:55","slug":"professional-liability-insurance","status":"publish","type":"post","link":"https:\/\/ghanadmission.com\/professional-liability-insurance\/","title":{"rendered":"Professional Liability Insurance"},"content":{"rendered":"

\"Professional<\/span><\/p>\n

It\u2019s not just enough to be a practicing professional, you also need to protect yourself with professional liability insurance coverage. Professional liability insurance shares the same coverage similarities with Professional Indemnity Insurance (PII). This will protect the professionals from any lawsuit and legal actions filed against them in the line of work.<\/span><\/p>\n

What is professional liability insurance?<\/b><\/strong><\/span><\/h2>\n

First and foremost, Professional liability insurance, PLI or PII for short is the type of coverage that protects only professionals. <\/span>Ranging from doctors, engineers, caregivers, lawyers, and anyone in the professional job line. PLI protects these professionals from any claims of negligence or malpractice that may be filed against them by their clients. \u00a0<\/span><\/p>\n

More so, except you are not practicing. If not, it becomes a necessity that you must purchase professional liability insurance. You can buy other kinds of insurance, like general liability insurance. However, they will not give you the kind of coverage professional liability insurance will give you. <\/span>Again, this insurance takes up different names for different professional jobs.\u00a0<\/span><\/p>\n

Types of Professional Liability Insurance<\/b><\/strong><\/span><\/h2>\n

As a business person or a professional, it is your duty t know the type of liability insurance that best works for your profession. Although we have included some specific coverage that can work for you.<\/span><\/p>\n

Medical Malpractice insurance<\/b><\/strong><\/span><\/h3>\n

Now, this is among the well-known type of professional liability. It is for the medical providers. It covers the doctors from any liability lawsuit filed by a patient that claimed they were mistreated. <\/span>Furthermore, a serious-minded physician always goes for medical malpractice insurance. This shows seriousness to most patients.<\/span><\/p>\n

Directors and officers’ insurance<\/b><\/strong><\/span><\/h3>\n

The directors’ and officers’ insurance package is tailored towards a portion of workers in a company. That is people that are holding high ranks in a company with leadership and decision-making roles. So, directors’ and officers’ insurance protects them from risks associated with these roles.<\/span><\/p>\n

Professional Indemnity Insurance<\/b><\/strong><\/span><\/h3>\n

This kind of insurance covers the professional from any claims of inadequacy or negligence. For instance, your client may file a claim against you that you did a poor job or a reckless job.<\/span><\/p>\n

These claims may insist that the client ran into some financial loss due to poor services. So, professional indemnity, just like professional liability insurance protects you from any costs or expenses from the legal actions.<\/span><\/p>\n

Errors and Omissions (E&O) Insurance<\/b><\/strong><\/span><\/h3>\n

Also, this insurance can pass for professional liability insurance. Here, it covers the cost and financial expenses of a lawsuit filed against you by a client. \u00a0Errors and omissions protect mostly the professionals that give people advice for a fee.<\/span><\/p>\n

So, if your job offers advice in a sort of professional way, you must purchase your insurance. Else, you may find yourself paying a lot of money for lawsuits from unsatisfied clients.<\/span><\/p>\n

Professionals that use errors and omissions insurance<\/span><\/strong><\/p>\n