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Obtaining professional liability insurance

As a self-employed, independent contractor it is important that you protect yourself – and your family’s assets – against claims for errors made in handling.

Any insurance carrier you receive claims work from could suffer damages as a result of the administration process. At times these errors are directly attributed to the skillset and/or actions of the adjuster. In other cases, the adjuster’s handling could be 100% correct but damages occur due to reasons outside of their direct control. In either instance, you’ll want professional liability insurance in place to protect you. This is also known as errors and omissions (E&O) insurance coverage. Even if you didn’t do anything wrong, your client can still sue your business if they believe you made a mistake. Without coverage, you’ll have to pay expensive legal defense costs out of pocket.

What Does Professional Liability Insurance Cover?

Professional liability insurance helps cover claims of:
  • Negligence
  • Misrepresentation
  • Inaccurate advice
It’s important to remember that professional liability insurance doesn’t cover everything. For example, it won’t help your business with these kinds of claims:
  • Bodily injury or property damage: You’ll want to get a general liability insurance policy to help cover your costs if your business hurts someone or damages property.
  • Work-related injuries or illnesses: If your employees get hurt or sick from their job, you’ll need a workers’ compensation insurance policy to help them recover and return to work.
  • Data breach: You’ll need cyber insurance if your business loses confidential or sensitive information about your clients and customers.

 

If you don’t already have an agent who can provide you with quotes for your business insurance, seek one out before you accept any claims work. Some employing adjuster firms will offer a blanket coverage amount and will deduct the insurance payment from your claim fees. With that type of coverage, you will not receive a copy of the policy nor will you know the extent of the limits or your deductible responsibility. It is better to be able to discuss your coverage with the agent so you are fully aware of your costs, coverage and obligations.

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