When people think about professional liability insurance, they typically associate it with medical practices, law firms, and other similar service-providing companies. Few associate the coverage with real estate or multi-media companies. However, every type of service-providing business needs financial protection, and this is why some companies should consider acquiring miscellaneous professional liability insurance.
Why Have Professional Liability Insurance
Businesses that provide services to clients often find themselves in vulnerable positions. If clients feel wronged, they may choose to file claims against the companies. Professional liability insurance comes in handy during these situations. The coverage pays for a company’s various legal expenses, including court fees and settlement costs. Lawsuits quickly become expensive when companies are without insurance. Paying for legal expenses completely out-of-pocket may lead to bankruptcy.
Protection From Financial Harm
Though often provided to medical practices, liability insurance is also reserved for various miscellaneous companies. Real estate firms are beholden to a range of client expectations. It does not take much for a clients to become disgruntled, at which point they may take it upon themselves to file a claim. Similarly, multi-media companies, consulting firms, and even insurance companies are at risk for encountering liability claims. To protect themselves from financial harm, these businesses should acquire insurance.
There are many companies that could benefit from miscellaneous professional liability insurance. They simply need to contact an insurance representative to secure protection for their various assets.