Liability insurance is essential whether you are a medical doctor, dentist, attorney, or allied health professional. Without it, you could be personally liable for claims and judgments that could devastate your career.
General liability, or commercial liability insurance, is a standard policy that protects businesses from various potential claims. It covers the cost of legal defense and any settlement if a claim is successfully filed.
Product Liability
Product liability insurance protects businesses against lawsuits alleging injury or damage to property caused by a defective or faulty product. These claims could result in millions of dollars in awards and legal fees, a damaged reputation, and even loss of business.
In today’s litigious society, manufacturers, wholesalers, distributors, and retailers risk being named in a product liability lawsuit. These companies often rely on their products to provide them with income, and they are vulnerable to being sued when a product causes injury or harm to someone.
To avoid a product liability claim, businesses should follow good manufacturing practices and conduct thorough quality control tests during production. Additionally, they should make sure that the instructions included with their products are accurate and up-to-date. Manufacturers must also warn consumers of any inherent risks of using their products. This is called failure to warn and can give rise to a product liability claim in court.
Medical Malpractice
Patients can sue for medical malpractice if they believe that substandard care has caused injury. Damages awarded by a court can entirely or partially compensate the victim for past and future bills, a loss of income, and suffering.
A medical malpractice case is often complex and requires a thorough investigation by a qualified attorney. A medical error could cause any number of injuries, including a failure to diagnose, a medication mistake, or surgery on the wrong body part.
Medical errors are costly for doctors, patients, and society. Doctors’ insurance premiums have skyrocketed partly because of the escalating costs associated with medical litigation. Physicians in high-risk specialties, such as general surgeons and obstetricians/gynecologists, are particularly vulnerable to liability claims.
Professional Liability
Every professional, from doctors to accountants to real estate agents to consultants, needs insurance to protect themselves from lawsuits that arise from the errors and omissions that are part of their everyday work.
In today’s litigious society, a mistake or lapse in judgment can cost a business hundreds of thousands of dollars in lawsuits and legal fees. This can be especially true if the company is an attorney or has expertise in specific fields.
A standard professional liability policy in liability insurance Newark DE is written as a “claims-made” policy, meaning you are covered under the policy if an event or suit occurs while the coverage is in place. There is a retroactive date exception, though, so it is essential to ensure the policy remains active and consider endorsements to fill any gaps in coverage.
The cost of a professional liability insurance policy will vary based on the size of your business, where you are located, and how many claims your company has filed in the past. Also, your deductible will affect the amount of premium you pay.
General Liability
General liability insurance, or commercial public or business liability insurance, is one of the essential types of coverage for a small business. It protects your company against third-party property damage and personal / advertising injury claims.
Liability claims can get very expensive. Facing judgments, legal settlements, and attorney fees without this insurance can bankrupt your business.
The cost of general liability insurance varies by type of business, location, size, and years of experience. It’s best to get a quote from an independent agent who can help you determine the right coverage for your business.
When you buy a policy, you’ll decide on a deductible, the fixed out-of-pocket expense your company agrees to before coverage starts to pay. The deductible is critical in managing your costs and ensuring you’re ready to handle the unexpected. It’s a good idea to review your deductible annually.