Commercial liability is the workhorse of this policy. It covers bodily injury lawsuits which, is the main exposure.
Legal expense is an additional coverage that covers costs outside of a lawsuit, such as disputes with regulatory bodies.
If there was fire, water damage, or theft of your contents, the amount money required to replace all the equipment and lost profits would be substantial.
Professional liability covers claims that stem from your professional services. With your education as a hearing practitioner, you are subject to professional liability claims.
The below helps translate the insurance terms to a more understandable context
Definintion: This policy will pay claims as a result of injury
What this Means: The last word of that sentence is very important for insurance. Some policies will limit what they pay claims for to only bodily injury. Injury applies to a larger amount of claims
Defination: Cliams arising from injury caused by the malfunction or defects in your products
What this Means: A hearing aid practitioner sells products. However if product causes injury the professional who sold it may be held liability
Defination: the reasonable and necessary costs, charges, fees (including but not limited to lawyers’ and experts’ fees) and expenses incurred in the investigation, adjustment, negotiation, arbitration, defence or appeal of any claim
What this means: What the insurance is going to pay in legal fees.
Definition: Coverage for reasonable and necessary legal expenses incurred while pursuing or defending an accepted claim, including appointed lawyers or other suitably qualified persons, and disbursements such as court fees, experts’ fees, police reports, or medical reports.
What this means: Provides financial coverage for a variety of potential legal events, It empowers you to pursue or defend your legal rights, and
Offers you unlimited access to general telephone legal advice.
