Two Common Types of Liability Insurance

When people talk about insurance, usually the first things that come to mind are life insurance, health insurance, and home insurance.  However, for professionals and business professionals, when it comes to insurances, what comes up to their mind is liability insurance.  In many countries all over the world, liability insurance is actually a mandatory type of insurance to have if your work is in danger of getting sued due to negligence on your part or the people who work for you.

PLI insurance easycoverThere are actually many types of liability insurance policies and that they extend not only to the owners or professionals themselves, but also with the people who manage, create, or even deliver their products.  There is a wide range of liability insurance policies that caters to particular situations or scenarios where liability insurance is necessary.

There are two common types of liability insurance – general liability insurance and professional liability insurance.

General Liability Insurance – this is the most basic type of business insurance.  If you only have one type of business insurance, there is a big possibility that it is a commercial general liability insurance.  All business can benefit from having adequate amounts of insurance coverage provided by this form of general liability insurance.

Basically, what this type of insurance provides the insured on cases wherein a client or a customer gets injured within the business premises.  The insurance also provides coverage for injuries or damages that are the fault of the employees while they are in the premise of the client.  If you are running a business, then it is in your best interest to have this type of insurance as this general liability insurance provides your business the financial protection it needs to not go out of business on issues like client injuries or property damages.

Professional Liability Insurance – this is a type of liability insurance that has been designed to protect professional individuals such as medical professionals, healthcare providers, engineers, architects, lawyers, accountants, IT professionals, real estate agents, and even advertising agents.  It protects them from claims like malpractice, and errors and omissions.  Since many legal actions occur due to such, having professional liability insurance can help protect not just the financial interest, but the professional interest of that individual.  There are actually many other types of professional fields that require such protection.  If you are work as a professional that provides services to others, it is in your best interest to protect yourself with professional liability insurance.

Importance of Professional Liability Insurance

If you are working as a professional individual, it is likely that you have studied and worked hard to acquire your professional license.  Nearly any type of professional profession these days requires a license to regulate the people who are qualified to practice such profession.  A professional license is a very much desirable thing to have these days as many clients are looking for people who can provide them with proper service on a particular field that they need.

A professional license is a must have because this is one of the crucial preference that clients have.  Engineers, doctors, lawyers, architects, accountants, therapists, and trainers all need to have license to practice their profession.  Basically, your license is the main assurance of people hiring you that you are qualified for the job.  However, as a professional, should you make a mistake in the services you are providing, you can get sued by the people or clients you are providing service and that such lawsuits, should you be proven guilty, will not only need to pay settlements, but there is also a chance that you may lose your professional license, especially if you are unable to make the settlements.

The truth is that these are very litigious times and that you can get sued by dissatisfied clients.  Even if there was really no mistake on your part and that your client is simply dissatisfied with the service you have given them, they can sue you for that.  Of course, as with any type of lawsuit, you have the right to defend yourself.  However, if the plaintiff has a very charming, persuasive, and charismatic lawyer, they can actually turn the favor on their side, with you on the losing side.  When this happens, you may need to pay for the settlements as decided by court; a settlement that can be very costly on your part.

To protect yourself from such expenses, you need to buy professional liability insurance coverage.  This type of coverage protects you from the expenses incurred from any lawsuit.  Although such insurance may sound like an unwanted expense on your part, you surely would not want to get caught with lawsuit and not have an insurance that can financially assist you.  Although lawsuits are unwanted, should they happen, you have the financial backing of an insurance company.

There are many types of professional liability insurance.  If you are looking to get one, you may want to do some research first online to at least have an idea on what you need.  Thanks to the internet, you can even connect to different insurance company websites as well as insurance brokerage website and get quotes from the professional liability insurance you plan on getting.  Once you know what type of insurance you need to get and how much premium you need to pay, you can visit your nearest insurance brokerage so you can buy the protection coverage you need for your profession.

Oil And Gas Insurance: What Good Will It Do?

oilieldinsurancerogersHave you met some people who will tell you that they know what you need? Have you been ever talked into buying something that you think you don’t really need? You must have talked to a few of them a couple of times and they keep on telling you that you need to buy yourself insurance. When you are in the oil and gas industry, you indeed need an Oil and Gas Insurance to make sure that everyone involved in your business, including the business investment itself is in good hands, at all times.

You have been repeatedly told that buying insurance today will mean security and comfort for you today and in the future. It sure doesn’t feel like it yet, because all you could think of is the amount of money it is going to get slashed off your budget, not to mention the number of people involved in running your business. It really could mean a lot. But just imagine that cost today multiplied by how many times more in the future.

Don’t get too overwhelmed by the thought of having less earning to spend monthly. You know you need insurance and in order for you to keep the business going. It will only mean a good future ahead. You need to get insurance today, because it simply is what your business needs to thrive and survive that worst that could happen. Talking with an oil and gas nsurance broker will help you make the right choices. What good will they do you?

  • A professional gas and oil insurance broker can explain the cost breakdown to you. He can tell you what you are exactly paying the insurance company for and how much you can get out of it in the future. He will also be able to tell you the types of scenarios that are covered by the policy.
  • A gas and oil insurance broker can answer all your questions about the insurance you are getting. They can explain things about the policy that you can’t quite comprehend. When you ask them questions, they can give you answers and these answers will surely enlighten you.
  • The insurance broker can offer you a variety of insurance policy options. You can easily pick one that suits your personal need with your budget in mind. They can help you keep your budget together even when you have insurance policy to pay for every month.


April 2018
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