Choosing The Right Insurance
Professional Liability Consideration
The need for professional liability coverage developed due to typical general liability insurance policies only responding to bodily injury, property damage, personal injury or an advertising injury claim. Because professionals such as architects, lawyers, physicians, real estate brokers, technology consultants and others can cause claims without bodily injury, property damage, personal injury or an advertising injury claim, additional coverage is needed to fill this gap.
Common claims made on these policies include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. For example, if a web design platform fails to perform properly, it would not cause bodily injury, property damage or advertising injuries. Because of this, the general liability policy would not be triggered. But because the web design platform not performing correctly could directly cause financial losses, and may be attributed to a misrepresentation of the platform’s capabilities, the professional liability coverage would be triggered.
Contact Loft & Co Insurance Services. today at 800-969-9740 to learn how professional liability insurance can be utilized as part of your total risk management program.
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Want to Learn More About Professional Liability
To learn more about Professional Liability and to secure a policy of your own, contact Loft & Co Insurance Services today at 800-969-9740.