In many fields, the expertise of you and your employees is the most valuable asset of your business. Professionals that offer advice and services, such as lawyers, medical professionals, accountants, and architects, provide important services to their clients. In turn, your clients depend on you to correctly and expertly help them with their situation. When an error or negligence occurs or is perceived, lawsuits can result. To better protect your New York business, professional liability insurance can help to cover the costs of these expensive legal actions.
Studies show that professionals in nearly all fields run the risk of being sued by a client. While doctors typically carry malpractice insurance, New York lawyers, accountants, engineers and other professionals may not have protections against this type of lawsuit. Whether the error was real or the client simply did not get the outcome they expected, your legal fees can quickly mount. Professional liability insurance can help professionals in a wide range of fields survive such covered allegations.
Professional liability broadly defines a wide range of insurance coverage that helps pay for legal defenses, court costs, and settlements when a covered error or negligence occurs as part of your business. Depending on your field, your policy may be more specialized such as:
When a claim is filed, your insurance can help to cover your legal costs. This is true whether you have actually committed an error or negligent act or you are found to be not liable for the charges.