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Do you need professional liability insurance?

Working as a professional in any capacity can be a rewarding career path. However, there are potential hurdles that one may encounter during this course of work. Accusations of professional misconduct or wrongful behavior can lead to potentially negative consequences. Some professionals in Texas choose to secure professional liability insurance coverage to help limit the financial side of things.

Professional responsibilities

Professional workers are expected to uphold certain responsibilities toward customers and clients. These men and women generally must secure licenses or certificates to work in their chosen fields. When a professional makes an error either due to negligence or malpractice, customers and clients may be negatively impacted. Examples of professional careers include:

  • Accountants
  • Consultants
  • Real estate agents
  • Engineers
  • Architects

Damages from professional misconduct are often financial. For example, if a financial consultant were to give a client poor investment advice, it could lead to a considerable loss of his or her money. Not all financial losses are due to misconduct or negligence, though. Losses are frequently inevitable in certain industries, so professionals must be ready to assert their knowledge, experience and actions in the face of accusations.

Weighing whether to secure professional liability coverage is not always an easy decision. Texas professionals who work for themselves may be working with limited budgets and need to carefully weigh their options. Having insurance coverage does not wholly protect one from all claims though, so it is often wise to first consult with a knowledgeable attorney about the benefits and potential gaps in coverage.

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