You are an insurance professional who wants the best for your clients. Get the best protection for your business by purchasing malpractice insurance. Here are some reasons why you should have malpractice insurance in Austin.
Clients Make Claims
Despite best efforts, errors and omissions do occasionally happen. Due to the increased litigious nature of our society, this may prompt a client to make a claim even if it is a baseless one. Reasons for client claims may include:
- Failure to recommend or procure coverage
- Giving incomplete or inaccurate information
- Failure to adequately identify exposures and explain policy provisions
- Failure to give timely notice of a claim to a carrier
It Reduces the Cost of Error
The reasonable cost of professional liability insurance is a small price to pay compared to the cost of defending against a civil claim brought by a client. Malpractice insurance in Austin pays for defending professional mistakes and omissions, as well as any damages awarded. Given that an average error and omissions reward is almost 150,000 dollars and legal fees average in the thousands, it makes sense to be covered.
It makes sense to not risk a default judgment in the case that you cannot afford to pay for a legal defense. Getting adequately protected against malpractice keeps your assets intact and gives you one less worry.