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Different types of professional liability insurance

On Behalf of | Jan 18, 2022 | Professional Liability

Individual professionals have to obtain a specific type of insurance that covers a professional’s liability. This coverage is necessary for doctors and lawyers who make decisions that have far-reaching consequences for society. It’s recommended for other types of professionals in Tennessee whose employment carries numerous risks.

Medical malpractice

Medical malpractice is caused by the negligence of healthcare professionals. Misdiagnosis is the most common error that doctors make. Some doctors give no diagnosis at all. Medical malpractice insurance protects doctors from liability if a patient discovers that a professional’s standard of care is significantly reduced.

Errors and omissions

Errors and omissions insurance covers the mistakes made by professionals who gave advice for a living. Insurance brokers, business consultants and lawyers are examples of specialists who require protection for professional liability.

Lawyers

Legal malpractice is protected by a special class of lawyers’ professional liability insurance. Lawyers constantly give advice to their clients and often slip in one or more incorrect statements. If their bad advice affects a client’s legal situation, the client has the right to sue the lawyer. But after being properly insured, the lawyer is protected from the legal and professional consequences.

Directors and officers

Directors and officers insurance is protected guaranteed to high-level executive directors, officers and managers who work at the top of large companies and organizations. The decisions of these leaders affect thousands up to millions of employees and customers.

How professionals are covered

More practitioners are providing their services online and deciding to work independently. They are facing increased risks of malpractice when they become self-employed and face the risks of litigation. Professional liability insurance is needed to cover all types of industries from healthcare to business.