Professional liability

Are you looking for a way to protect your business and your reputation as a professional? Then professional liability or self-employed liability insurance is what you need.

From a legal standpoint, this policy gives you peace of mind that, in the event of loss or damage caused to third parties, whether financial or personal, you will be covered by compensation that allows you to make good any damage you have caused through fault or negligence.

But that’s not all: this policy also deals with claims or financial demands made against you as policyholder, assuming the consequences of events that occur and are covered by the contract you have signed.

Depending on the conditions agreed in the insurance policy, which set out the duties and rights of the parties, both the insurer and the insured are protected and know exactly what to do in the event of any incident.

Don’t put your business or your reputation at risk: take out your professional or self-employed liability policy with us and have peace of mind that you are protected against any eventuality. Contact us today and let us give you the protection you need.

Professional liability can be set up as a stand-alone policy or as a cover within, for example, a public liability policy.

Which professionals need professional liability insurance?

1. Doctors and healthcare professionals: Healthcare professionals can be exposed to claims for medical negligence, diagnostic errors, poorly performed surgical procedures, medication prescription errors, among others. A professional liability policy for doctors and healthcare professionals would cover the costs associated with claims for damages, as well as legal defence costs.
2. Lawyers: Lawyers can face claims for errors or omissions in representing their clients, including inadequate legal advice, conflicts of interest and malpractice, among others. A professional liability policy for lawyers would cover legal defence costs, as well as any compensation that has to be paid to affected clients.
3. Architects and engineers: These professionals can be sued for errors in their designs or projects that result in property damage or personal injury. For example, an architect may make an error in calculating the strength of a structure, resulting in a construction failure. A professional liability policy for architects and engineers would cover the costs associated with claims for damages, as well as legal defence costs.
4. Estate agents: Estate agents can face claims for malpractice, errors in property valuation, failure to disclose relevant information, among others. A professional liability policy for estate agents would cover legal defence costs and any compensation that has to be paid to affected clients.
5. Consultants: Consultants can face claims for inadequate advice, conflicts of interest, errors in project management, among others. A professional liability policy for consultants would cover the costs associated with claims for damages, as well as legal defence costs.
6. Tax advisers: Tax advisers can face claims for errors in managing taxes or in their clients’ financial planning, among others. For example, a tax adviser may make an error in a client’s tax return, resulting in fines or penalties. A professional liability policy for tax advisers would cover the costs associated with claims for damages, as well as legal defence costs.
7. Property managers (administradores de fincas): Property managers can face claims for negligence in managing homeowners’ associations, conflicts of interest or malpractice, among others. For example, a property manager may make an error in managing an association’s funds, causing harm to the owners. A professional liability policy for property managers would cover the costs associated with claims for damages, as well as legal defence costs.

In short, any professional who provides advisory or consulting services, or who is responsible for making decisions that affect third parties, should consider taking out a professional liability policy. Don’t wait for an incident to happen: protect yourself and your clients with a suitable insurance policy.