Purpose Of Professional Liability Insurance In Tampa, FL

Posted by Tim Castle on June 10th, 2023

Operating a successful business can be pleasurable. Size does not matter here! Whether the entity is a small retail store or a huge, bustling company with a stellar reputation, almost all business owners have to carry the right type of insurance coverage as a form of protection. Losing reputation due to negligence or genuine accidents often results in liability suits that tarnish one’s reputation too. Springing back is quite difficult when no company owner but a lone professional offers specialized services for a fee. No worries! Such people can always use professional liability insurance in Tampa, FL.

It helps to check the associated facts and make an informed decision when buying the coveted insurance coverage. The first question that comes to mind is the nature of professional liability insurance and its purpose.

Well, it suffices to know that this particular insurance that is alternatively known by its acronym PLI is a must-have for various professionals such as lawyers, doctors, and accountants who provide their skills to resolve the issues faced by their clients. The clients may not be pleased with their services and complain about negligence or wrongdoing, thus holding the professional liable for their problems.

A general liability insurance policy may cover an individual, but such coverage is insufficient to resolve liabilities due to professional negligence, malpractice, or misrepresentation. Some of the other truths that need to be understood before signing the insurance documents are:-

· The insurance company compensates any claims of negligence on the part of the hired professional

· Professionals in various fields find such insurance coverage indispensable

· The cost of paying the insurance premium is much less than fighting the legal battle when sued by an angry or wronged client

PLI Inclusions

Almost all circumstances that pose a risk of liability for professionals are covered by this insurance policy. The insured person can therefore be satisfied once the insurance carrier provides financial assistance or the following:-

· Services not delivered

· Mistakes, errors, as well as oversights of requested services

· Negligence or poor standards of services

· Missing the stipulated deadlines

· Breach of contract

While the terms mentioned above seem enough, many professionals hope for additional benefits and/or coverage. It is essential to be aware of the fact that the following liabilities are not included in the coverage provided by the insurance plans:-

· Inadvertent injury caused to an employee

· Discrimination of an employee

· Commercial vehicle damage

· Physical injury

· Commercial property damage

· Injury caused to a client

· Professionals who require PLI

While the wording indicates that all professionals can purchase the insurance policy, the following individuals find the coverage to be amazingly advantageous.

· Medical professionals

· Engineers

· Financial Consultants and/or advisors

· Business advisors

· Legal Professionals

· Real Estate Brokers

A business owner may find the general liability insurance in Tampa, FL, beneficial for ensuring settlement costs and legal expenses when a client, guest, or visitor claims liability.