Professional Liability Insurance in a Down Economy
Professional liability insurance covers liability for damages arising from the rendering of or failure to render professional services. With claims increasing during this economic downturn, the need for professional liability insurance coverage for Salon, Day Spa, Tattoo Studio Owners and Professionals is even more great. Protect yourself and your livelihood from claims that may not be covered by commercial general liability coverage.
Professional liability insurance, also referred to as Professional Indemnity Insurance or Malpractice Insurance, protects professionals against negligence claims made by their clients. Body Related Service Professionals commonly purchase this type of liability insurance as do architects, home inspectors, lawyers, physicians, real estate brokers and accountants – among others. Specific professional liability insurance carries different names depending on the profession. For example, professional liability insurance for Salon, Day Spa and Tattoo Studio owners may be called malpractice insurance, while real estate brokers fall under errors and omissions insurance coverage. Because claims become more frequent in a down economy, protect yourself with professional liability insurance.
Professional Liability Considerations
The need for professional liability coverage developed due to typical general liability insurance policies only responding to bodily injury, property damage, personal injury or an advertising injury claim. Because Body Treatment professionals can cause claims without bodily injury, property damage, personal injury or an advertising injury claim, additional coverage is needed to fill this gap.
Common claims made on these policies include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice or services. For example, if a Body Treatment Professional were sued for rendering bad service, it may not cause bodily injury, property damage or advertising injuries. Because of this, the general liability policy would not be triggered. But because the services provided by the Professional could directly cause emotional hardship for the patient, the professional liability coverage would be triggered.
The Total Body Pac Insurance Program provided by SterlingRisk covers Salon, Day Spa and Tattoo Parlor Owners and Professionals Professional liability, General Liability Property and Umbrella Insurance Coverage.