How to Ensure You’re Getting the Right Coverage for Your Profession

Being a part of professions like law, accounting, healthcare, engineering – or any other profession, having the right insurance is crucial for you so that you can have protection for your business and your clients. Read through this guide to ensure you are in fact getting the right coverage for your profession.  

The first step to understanding your coverage is, understanding the risks in your profession. Each profession has its own set of various risks. For example: 

Lawyers

Law firms are likely to face claims of negligence or errors in providing legal services, making Legal Malpractice Insurance crucial. Since they also deal with a lot of sensitive information and client data, a Cyber Liability Insurance policy is just as important.  

Accountants

No matter how perfect an accountant is, they are still likely to make mistake due to human error, such as wrong tax filings, miscalculations, missed deadlines or errors in financial reporting. Therefore, the right choice for an accountant would be to invest in Errors & Omissions Insurance, covering the mistakes and errors made during the financial services they provide.  

Healthcare Providers

Patient care can be volatile. One mistake can cost you a lot, including lives. Therefore, a healthcare provider needs to have Medical Malpractice Insurance to be protected against lawsuits of negligence or any other errors, as long as they are unintentional. Since healthcare providers also deal with a lot of sensitive patient data, they will likely be subjected to cyber-attacks or ransomware. Therefore, investing in Data Breach Insurance would be wise, especially in today’s digital age. 

Engineers

Since Engineers have various projects to cover, they might face claims regarding professional mistakes, design errors or omissions, and negligence – as those are complaints every business owner is subjected to at least once in their career and given that engineering work is mostly design oriented, they are very likely to get into trouble for not getting it right. Therefore, they must have either Errors’ and Omissions Insurance or Professional Liability Insurance to protect themselves against costly claims. 

While each profession does have its own unique set of risks, there are two coverages that are crucial for all, regardless of their profession, and that is; Liability Insurance to protect against costly Lawsuits, and Property Insurance to protect your physical assets, like office equipment or facilities. Ensure that these two coverages are a part of your comprehensive coverage, no matter what.  

But does one size fit all? No, it doesn’t. Each profession, in fact, each professional will have their own coverage requirements depending on its company size. One may require more coverage than the other, and there’s no optimum coverage that would fit all, all are advised to purchase coverage entirely tailored to their specific needs. For this specific purpose, professionals must have an expert broker on board. Not only will they be able to tailor your coverage, but they will know what’s best for you and will buy you the best bundle, with premiums that work best for you. An expert will also help you identify any coverage gaps, such as missing coverage or low limits that could be costly for your business.  

Lastly, as your business prospers, its important for you to collaborate with your broker to review your coverage, since a changing business also changes your insurance needs. Whenever you begin to offer new services or expand to new locations – ensure that your broker stays informed so that your coverage can be tailored accordingly.

Does all of this sound too overwhelming? An expert insurance agent would handle it all for you – while you enjoy your peace of mind. Feel free to get in touch with us, so that you can focus on what you love.  

For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.  
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.