Although there are an endless number of professionals who can be sued for in a liability action, some are more prone to litigation. While doctors and lawyers are the most frequently sued (so much so that some states require that they carry malpractice coverage), others are also vulnerable, including accountants, graphic designers, engineers, insurance professionals, management consultants, and software developers.
Scenarios Where Professional Liability Insurance is Crucial
Reviews these scenarios to help you understand the nuances of how professional liability insurance can benefit different professionals.
Financial advisors. Regardless of claim legitimacy, if a client's investments fail of if the client has not been fully advised of his risk before making an investment, the financial advisor can face a claim.
Lawyers. When a lawyer misses a deadline or date, litigation can be pursued, often successfully so. With or without merit, professional liability insurance can help.
Private investigators. A PI who supplies incorrect information to a client can face a claim if a financial loss occurs.
Consultants. If a consultant makes a mistake that can cause a business shut down or a website shut down, then a lawsuit may result.
Contractor. A contractor or a subcontractor working under the contractor who performs shoddy work faces potential lawsuits.
As you can see, there are various ways that a client can target a professional with a claim. Protect yourself to the fullest by reviewing your professional liability insurance policy needs with a seasoned agent who can recommend the best types of errors and omissions policies and limits that cover all potential perils you face.