Professional liability insurance in New York is essential for anyone who provides services to others. Medical malpractice insurance is a type of professional liability insurance designed to meet the, somewhat, unique needs of healthcare professionals.
But there are many more professions that need the protection New York professional liability insurance has to offer. Some of you may not even realize that you need this invaluable insurance protection.
Who Needs Professional Liability Insurance in New York City?
The list of professionals who need professional liability coverage is quite long and might include a few surprises. This list is by no means exhaustive, but offers insight into the types of businesses that benefit from professional liability protection, also known as errors and omissions insurance (E&O):
- Business Coaches
- Computer Programmers
- Financial Advisors
- Insurance Agents
- IT Consultants
- Occupational Therapists
- Personal Trainers
- Real Estate Agents
- Travel Agents
- Wedding Planners
In addition to professionals in these critical roles, you may need to offer professional liability coverage to your support staff, independent contractors, and others.
Why Do You Need Professional Liability Protection?
The protection offered by professional liability insurance coverage is more important today than at any other point in history. Whether you actually make a mistake or not, the odds are good that you will face a claim filed against you at some point in your career. The reasons below are exactly why this coverage is so important.
- No one is perfect. Even if you are the foremost expert in your field you have good days and bad days. Accidents happen. Numbers get transposed. Mistakes occur. Those are the days you’ll be glad to have this professional liability insurance protection.
- To defend your professional reputation. Even when you know you’re innocent, claims levied against you can hurt professionally and personally. Because professional liability coverage extends to the cost of legal fees, you can defend yourself against false claims.
- To protect your financial interests. When judgments are awarded against you, professional liability protection will cover the costs of those judgments – up to your coverage limit. If you don’t have this protection, or if you have inadequate professional liability insurance, then your business – and potentially you, personally, will have to pay the judgment.
- It may be required by law. In the state of New York, professionals in certain industries are required, by law, to carry a minimum amount of professional liability coverage.
- To provide you with peace of mind. You’ve worked hard to become a professional and accumulate certain possessions and creature comforts. Having professional liability coverage gives you peace of mind that if you are falsely accused of negligence or even if you make a mistake along the way, you have some protection between you and financial ruin as a result.
There are plenty of other reasons to consider investing in professional liability insurance for any professional operating in New York, not the least of which is the fact that we live in a litigious society and this provides protection against the nature of the modern world.
What Should You Look for in a New York Professional Liability Insurance Policy?
Of course, the most important thing to notice about your policy is the amount of coverage it offers. Work with your New York independent insurance agency to determine how much coverage you need in your profession and then look for a policy that will make the grade.
Beyond that, look for policies that are industry specific and designed to meet the needs of someone working in your profession. Then explore the policy’s limits and deductibles. These are the things that will directly affect how much you stand to pay if you are even on the wrong side of a large settlement or judgment against you.
Professional liability in or errors and omissions insurance coverage is one of the most important types of coverage you can invest in for the sake of your business, your reputation, and your professional and personal financial well-being. Get quotes from several insurance companies and choose the one that best matches your needs, your budget, and your comfort zone.