Professional Risks Insurance
Professional risk insurance is a type of insurance cover that is particularly crucial for service businesses such as accountants, law professionals or even personal trainers. This insurance protects businesses against any potential claim of negligence, malpractice or misrepresentation that may have resulted from the services provided to a customer. A professional company that have only invested in general liability insurance will not be covered by insurance if a claim has been lodged against them, as this insurance does not cover any claim which involves negligence, malpractice or misrepresentation.
Professional indemnity insurance will protect your assets in any instances that your services cause a client to suffer any type of loss and file a legal claim against you. Public and product liability insurance is a policy which will protect you and your business from any financial risk, if you are found to be liable of a third-party injury, death, loss or property damage. If your profession is in the medical field, medical malpractice insurance will protect you, your business and employees from any claim which was lodged by a patient who claim you have made an error or breach of duty. Management liability which includes crime insurance, directors and officer’s liability and employment practices liability protects the business and management from fraud committed by employees and claims made against management by employees.
Due to the type of services that are offered in the service industry, businesses must protect themselves should any situation of negligence, malpractice or misrepresentation claims arise.
Property & Liability Insurance
Owning a corporate property poses a range of risks to you and your income. In order to best gain protection from these risks, it is important to consider the types of liability insurance policies that will cover your business from any circumstances. The most common covers include public liability, corporate property insurance and property damage insurance.
Public liability insurance provides cover to your property for any third-party injures that occur onsite. Medical and hospital bills are financially compensated as well as legal representation or bills that incur as a result of the third-party injury. Corporate property insurance is specifically suited to medium to large size businesses that are appraised with a total value of $5 million or more, however, it provides the same benefits as public liability insurance. Property damage provides coverage to your property if any physical losses or damages are made from natural causes such as hail or flooding, fires either natural or human error as well as third-party malicious damage.
When purchasing or maintaining a commercial property, your livelihood is exposed to risks that are outside your own control which is why property and liability insurance should be considered for your business.