Professional liability insurance in Florida is designed to protect the business, income, and personal possession of a variety of professionals.
Most people think of professional liability insurance as protection for lawyers and medical professionals. There are many more professionals that need the protection of professional liability insurance including insurance agents, architects, chemists, engineers, stock brokers, and performers. Even beauticians and cosmetologists need the protection from litigation that professional liability insurance can provide.
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It is a fact of life that we live in a world that is increasingly willing to sue for a real or perceived injury or violation of a basic right. Professionals need to protect their business, reputation, and income with professional liability insurance. The amount of insurance that an individual needs depends on the business that they are in and the amount of financial damage they may incur.
Most professionals are at risk to a variable amount of litigation and financial danger at different time depending on the project, lawsuit, or type of medical treatment they are involved in at any given time. It is usually best to prepare for the worst. This simply means that a professional that is at risk for being sued should carry as much professional liability insurance as needed for the worst case scenario.
All litigation that is covered by Florida professional liability insurance is civil litigation. While you will not go to jail, the punitive damages that a jury or judge may award a person that sues you could exceed the entire amount f money you will make in your entire career.
Professional liability insurance provides professionals with added protection that general liability insurance does not. The additional protection includes coverage for inaccurate advice, violation of good faith, any misrepresentation of qualifications or quality of work, and negligence. These areas of the law are extremely subject to interpretation and a judgment against you as a professional may depend on the jurisdiction that you are sued in.
Even if you give a client the best advice that you can back up with solid evidence at the time you give the advice, you can still be sued if the result does not fit the client’s expectations. Good faith suits claim that a professional acted directly and with intention to defraud the client. Misrepresentation means that a professional willingly and knowingly led a client to believe a false statement. Misrepresentation is the most frequently used grounds for suing a professional. Negligence means you did not perform all duties that a professional would perform in a particular situation.
Each of the four types of litigation can be covered in separate parts of your Florida professional liability policy. A professional needs professional liability insurance because at some point in their career a client will sue them. You may have done nothing wrong but that fact will not protect you from financial loss if you lose the case.