How does a professional determine the right amount of professional liability insurance coverage?

When determining the right amount of professional liability insurance coverage, a professional in Washington should consider the type of profession they are in and the level of risk associated with it. If a professional is dealing with large financial transactions or high-risk procedures, they should consider a higher amount of coverage. Additionally, the amount of coverage a professional needs should be proportional to the potential damages a client may suffer if something goes wrong. Depending on the type of profession, a professional may need to consider additional forms of insurance. For example, an attorney in Washington may need malpractice insurance, which provides coverage for errors or omissions in professional services. An architect may need errors and omissions insurance to cover any mistakes or oversights in design and construction. A professional should also take into account the size of their business and the amount of assets they have. With larger businesses come larger risks and potential liabilities, so businesses should have sufficient coverage to protect their assets and employees in the event of a lawsuit. It is advised that a professional take the time to research and compare different policies and find the coverage that is most suitable for their field of work. A professional should also consult with an experienced insurance agent to confirm that their coverage is adequate for their needs.

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How does a professional determine the right amount of professional liability insurance coverage?

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