What types of firms need professional liability coverage?
Many people are familiar with the medical professional liability exposures that are associated with doctors, hospitals, nurses and other health care providers. However, other professions/firms may face significant professional liability claims; examples include accountants, architects, engineers, attorneys, financial institutions, insurance companies and stockbrokers. Other professions/firms, such as insurance agents and brokers, real estate brokers or property managers may face claims or lawsuits arising out of the work they perform for clients. Is the coverage that a doctor or hospital purchases similar to the coverage of a financial institution? The coverage has some similarities, but there are also numerous differences. The professional liability policy for a doctor or hospital usually covers a ‘medical incident,’ which is any act or omission arising out of the providing or a failure to provide professional medical, dental or other health care services by the insured. The professio
