Insurance Tips for Licensed Consultants

As a professional consultant, it’s likely that you have little time to worry about your insurance coverages. However, it’s important that you carve out some time to consider your protection as your assets, career, and finances will depend on it. If the worst does happen, you want to be sure you have enough coverage to safeguard your pocket. Check out these insurance tips for licensed consultants.

Insurance For Professionals & Consultants

The basics of professional liability insurance

Attorneys, doctors, legal, and medical professionals and consultants need to protect themselves. If your counsel or service could lead to losses by your client for which you could be held responsible, then you need insurance to help. Claims not covered by general liability insurance that are covered by professional liability insurance include negligence, misrepresentation, violation of good faith, fair dealing, and more.

There are two types of professional liability policies: claims-made and occurrence. Most professional liability insurance policies are “claims-made”, which means that the policy must be in effect when the incident took place and when a lawsuit is filed for a claim to be paid. If the professional changes careers or retires, an “occurrence” policy is needed as it will cover any claim for an event that took place during the period of coverage.

This type of insurance will help to pay for the cost of legal defense against claims and payment of judgments against you. Keep in mind that coverage usually does not extend to non-financial losses or losses cause by intentional or dishonest acts. The amount of coverage you need will vary on your role, industry, size of business, and level of risk.

The right professional liability insurance policy should address your risks while staying in line with your budget. At J. Archer Insurance Group, our experts help you find the best coverage for your needs. Serving Houston, Texas and beyond, contact us today.

 

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