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Who should have a Professional Liability Insurance Policy and Why
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Posted On :
May-25-2009
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Article Word Count :
471
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The need for public liability insurance becomes greater and more apparent everyday as we continue to witness the growth of the global culture of compensation.
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The need for public liability insurance becomes greater and more apparent everyday as we continue to witness the growth of the global culture of compensation. If you don't carry professional liability insurance (PLI), now is the right time to get some coverage. People employ an expert thinking that he'll know how to do what he's being paid to do. If the injured party believes the retained professional has fallen short of the expectations placed on him, that would constitute a liability and legal action could be taken. Here is some advice about why you should carry Professional Liability Insurance (PLI) and what to be on the lookout for.
What does PLI mean? This is an insurance policy that shields a professional against claims that people may file against them in case they are harmed or have an accident. Any kind of business that has a known risk to the environment is obligated to have PLI. Additionally, many companies and clients need verification that you have PLI insurance before they work with you, in case an unplanned event should occur and there is a claim.
PLI is a specialty coverage which is not offered with business or homeowner's policies. A personal liability policy covers money that must be paid due to things wrongly done or not done in the course of one’s work. This can include the costs of legal defense as well as claims of medical negligence or malpractice, including court costs. The amount that PLI coverage covers is bound by the coverage limits in the client's insurance policy.
There are many types of professional liability insurance available designed to meet the needs of professionals’ careers. Insurance against the violation of intellectual property not only covers policy holders against copyright infringement claims but also guards against claims made against software systems and processes. A client is protected against claims of slander, invasion of privacy, and libel with personal injury insurance. The umbrella of medical professional liability coverage includes medical injury, nursing home abuse, and dental malpractice.
The last thing most professionals would like to happen in their career is to end up with an enormous compensation bill, but if you don't carry professional liability insurance, that is the exact scenario that you could wind up with. If you are negligent and a claim is made against you, you could be ordered by a court to pay the complete amount of the awarded damages, regardless of whether you have insurance or not. Your personal possessions will be at risk of being seized if you do not own liability insurance and can not pay the claim. The wisest course of action is to be sure that you are covered as you could find yourself facing claims anywhere from several thousand dollars to millions of dollars.
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Article Source :
http://www.articleseen.com/Article_Who should have a Professional Liability Insurance Policy and Why_827.aspx
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Author Resource :
As a shrewd businessman, Donald Arnissane uses Insurance Pointe for his Miami homeowners insurance. Knowing that they offer the best coverage, Donald recommends Insurance Pointe to anyone looking for homeowners, automobile, or Florida professional liability insurance.
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Keywords :
Nurse liability insurance in Florida, Florida legal malpractice insurance, E&O insurance agent in Florida, Florida workers co,
Category :
Finance
:
Insurance
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