For companies in the Georgia capital that provide professional services to clients, or in the business of giving professional advice and opinions, purchasing Professional Liability Insurance in Atlanta is must-have coverage. In addition, there may also be instances where you may enter in a contract where your client requires you to have professional liability coverage (PL), as a means of protecting their own interests. Everyone has different needs and different circumstances, so whatever your business model, you want to make sure that you currently have the correct coverage.
A list of professionals requiring PL coverage
This coverage is very important for anyone working in the financial services sector, such as accountants, tax preparers, insurance agents and the like. Consultants for businesses, tech firms, marketing companies, and management consultants also have exposures requiring this policy, as well as engineers, architects, real estate agents, attorneys or those working in the medical field, because without coverage for any possible errors or omissions during the course of your daily operations, you could face litigation and damaging financial consequences.
There are many benefits to having professional liability insurance, including personal injury coverage, coverage for defense costs, and even full severability (for partners deemed innocent of any wrongdoing). The main focus of this coverage is to deal with any allegations related to demonstrating a failure to perform a service sold by the policyholder.
It can also protect against any financial loss caused by your product or service, or even, as previously stated, an error or omission. A claim made for breach of contract will often be combined with a negligence claim. This frequently occurs where there are allegations of negligent performance of a contractual obligation as the basis for a breach of contract.
Implied in most professional services contracts is the promise that professional services will be preformed in a non-negligent manner. For example, in lawsuits against architects, it will usually be asserted that causes of action are for negligent design and/or supervision, and breach of contract.
Having Professional Liability Insurance in Atlanta simply means that, if accused of a negligent act, or other error resulting in damages to your client, this policy will come in handy when you face litigation.