Maintaining a business can be an expensive task. There are many points to consider, including advertising, space rental, website maintenance, employee salaries, and production cost. One aspect that is often overlooked is liability insurance for miscellaneous professionals, but this type of coverage is one of the most important forms of protection a company can have.
It is widely accepted that doctors, lawyers, mechanics, pharmacists, and dentists should carry malpractice insurance in the event of an accident, but what most people don’t realize is that there are several other types of professionals who should also carry some form of protective liability insurance. Some of these include: consultants, travel agents and event planners, outsourced administrators, including payroll processors and benefit plan administrators, property and construction managers, interior designers, and graphic designers. There are several other professionals who need liability insurance, and the best way to determine if you are one of them is to consider your scope of exposure. How many people does your service reach? The greater the number, the greater the need. Many contractors will also require that their providers carry insurance.
The necessity for liability insurance for miscellaneous professionals is increasing all the time. A lawsuit-conscious public and a belief in the need for compensation has fueled a rise in legal claims against professionals. The need to protect your company is more vital now than it has ever been before, making liability insurance a must for any business owner.