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Professional Liability Insurance |
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Business Insurance
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Do I need professional liability
insurance?
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As a small
business or home business owner,
you probably won’t require
professional liability
insurance. Professional
liability insurance
generally applies to
professionals, such as lawyers,
doctors or engineers. These
professions need to protect
themselves against financial
losses and penalties arising
from lawsuits lodged by
dissatisfied clients.
As accredited professionals,
these individuals are expected
to have certain skills and
expertise. They are expected to
perform certain duties at the
required standards, and can be
held liable if they do not.
In the event that they
unintentionally under-perform or
perform badly, they could
potentially cause their clients
harm. It is under such
conditions that lawsuits may be
filed to claim damages, and this
is when professionals require
professional liability
insurance.
Generally speaking, home
business insurance, or small
business insurance, combined
with an interruption of
business insurance policy
and a degree of workers
compensation insurance should
cover your business insurance
requirements and be sufficient
to cover your business during
growth periods. It is, however,
very important to re-assess your
business insurance needs and
re-look your small business’
levels of insurance cover.
It would also be a good idea to
get an online insurance quote
form South African small
business insurance companies
such as
Budget Insurance Brokers,
Dial Direct Insurance,
First for Women or
Auto and General.
Although you’ll probably not
need professional liability
insurance, there is definitely a
number of other insurance
topics, including small business
insurance, that you should
consider investigating.
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