In 2004, about 12 miles off the coast, a diver got separated from his dive buddy and was left behind by the dive charter company that he’d hired. The boat’s crew didn’t realize he was missing and didn’t report it for about four hours. Eventually, he was rescued, but he claimed that he suffered anguish and shock, embarrassment, humiliation, and skin cancer resulting from exposure to the sun. A judge ruled that the crew was professionally negligent when they abandoned him at sea and he was subsequently awarded $1.68 million in damages.
As a professional, or simply when you market yourself as someone with a specialized skill or expertise, your clients expect a certain standard of care.
This standard of care expects that you:
- Act honestly and consider your client’s best interest
- Exercise care, diligence, and skill level to match someone with comparable knowledge and training
- Consider possible risks from services you perform
These are reasonable expectations, yet even if you have the best intentions, humans can err. A client could claim that you:
- Failed to provide promised services
- Provided shoddy, incomplete, or incorrect work
- Made mistakes or oversights
An accusation of professional negligence could occur if your work caused injury, but it could also be simply a clerical error, such as an accountant making a mistake on a tax return which results in an IRS audit. Clearly, an accountant would be expected to check his work before submitting it to the IRS.
As a business owner, how do you determine if you need the protection that a professional liability insurance policy can provide? Basically, this coverage is designed to protect not only traditional professionals such as accountants and attorneys, but any business that involves technical training or specialized services. This covers a broad range of businesses from consultants to roofers or plumbers, for example.
Professional liability insurance can cover your legal fees, court costs, and settlement or judgment expenses if you are sued for an error or omission in performing your professional services. However, there are certain circumstances that a professional liability insurance policy won’t cover, including:
· Intentional Wrongdoing or Harm
· Illegal Acts
· False Advertising
After the hard work and training it took to acquire your expertise, you wouldn’t want to expose your business to this risk. For additional help with your insurance needs for a professional liability policy, contact Pettineo Insurance Agency today at (954) 493-9424 or visitwww.pettineo.com for a free quote.
Pettineo Insurance Agency Inc. provides professional liability insurance in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida. As an independent agent we represent many top rated companies in both the personal and commercial lines. We place your policy with the company offering the best coverage at a reasonable price. We offer a complete line of personal, commercial, life and health insurance products, designed exclusively for your insurance needs. Serving South Florida for almost 30 years, Pettineo Insurance offers the highly personalized service and stability that you should expect from your insurance agent.
