Toy Sauce Blog

In today’s world, if you are a professional and own a business you absolutely need Professional Liability Insurance.  If in the course of providing your services you forget something or do something wrong due to your own error or omission, purchasing this insurance will definitely be the best thing you could have done at the time.  Remember that your insurance company will defend you in these circumstances.  A general liability insurance policy is not going to be enough coverage if some of the services you have provided to your client or advice you gave or misrepresentations caused harm or loss of monies to that client.  It stands to reason if you are a doctor, lawyer, etc., and have employees, you will definitely need Workers Compensation Insurance and also the Medical Malpractice Insurance if you work in the health care field and you have any suit of negligence on your part.

The Medical Malpractice Insurance is a Professional Liability Insurance covering you if you are negligent in some way and your client or patient is injured or dies.  This is not a Workers Compensation Insurance which will be explained further in the article.  This coverage can be for nurses, health care providers, doctors, hospitals, anyone who performs a service in the health care industry needs Medical Malpractice Insurance.  A medical professional must have this coverage to perform his/her duties in the health care industry.  The cost of reimbursing someone without this insurance coverage for loss of life would be so exorbitant a health care professional could not remain in that industry.

If you own a business and have employees working for you, Workers Compensation Insurance is a coverage you must have to offset the cost of a worker becoming injured on the job.  Workers Compensation Insurance is unlike Medical Malpractice Insurance and Professional Liability Insurance.  It can work like a disability policy in that it pays the worker a weekly pay when they are injured.  If the worker should die, a benefit is paid to the beneficiary just as their own life insurance policy would do.  The worker’s expenses are paid if they go to the doctor or hospital or need prescriptions for ongoing care due to their injury at work.  Because you chose to have this coverage, the insurance company accepted the risk and pays these benefits to your employees.