Need To Buy Homeowners Insurance in Queens and Forest Hills, NY

Posted by Patricia Hughes on November 27th, 2022

It is common for business owners to buy adequate commercial insurance coverage. This protects them from a host of business risks, including liabilities. Neither homeowners insurance nor business insurance is effective for a self-employed professional and serves numerous clients independently in their professional capacity. Giving it a miss will not do either. One may consider buying professional liability insurance in Queens and Middle Village, NY, instead.

One is sure to inquire about the meaning of professional liability and related insurance coverage. It suffices to know that this insurance (also known as PLI) helps to protect professionals from all walks of life from lawsuits and compensation claims made by their customers. There is no standard coverage, however. Professionals such as doctors, engineers, accountants, and attorneys have varied requirements, with their clients being displeased about a specific field or service. The insurance company will compensate the claimants for negligence, misrepresentation, mistakes, and/or malpractice.

Who requires PLI?

Apart from professionals working individually, PLI coverage is a must-have for companies that provide professional services too. A small business owner providing such services and business entities contracting the services to other business entities may also consider buying a PLI policy.

Professional Liability Insurance Coverage

· The PLI can be used to offer compensation for the following:-

· Mistakes and/or oversights when providing the service

· Services that are not provided

· Missing a given deadline

· Negligence on the part of the professional for failing to provide quality service

· Breach of contract

It is even more important to understand what is not covered by this insurance policy. Not all complaints by the customers can be addressed with the PLI cover. The following areas are not covered, making it necessary for the insured person to buy additional insurance plans to remain covered for all kinds of risks. The claims that are not entertained by the insurance company providing the PLI policy are:-

· Physical Injury / Property Damage- The business owner has to have a general liability insurance cover to compensate the client or visitor who holds the business entity liable for physical injury and/ or property damage.

· Illness/Injury/Death on the Job- Employees who fall ill or get injured while working may claim compensation too. The PLI policy will not cover this area. Instead, the business owner would have to provide the money from a workers' compensation insurance policy. All employers must carry this type of insurance.

· Data Breach- When a company has its data breached by hackers or miscreants, resulting in the disclosure of the customer's identity, the said company needs to use the data breach insurance plan to pay for the liability. This is also known as cyber liability insurance coverage.

Cost of professional liability insurance

The expense of buying the PLI cover depends on multiple factors and is not the same for every company or professional.

It is well and good to be concerned about business risks. To protect the greatest personal asset, one must consider buying homeowners insurance in Queens and Forest Hills, NY.