Architects And Medics Should Get Insurance

If you provide services to the public, you usually face two high prospective risks: making mistakes due to your incapacity, exhaustion or temporary lack of focus, or the public’s perception that you made some, due to their higher and higher demands, typical of a consumerist society, or simply to their unwillingness to accept that something unwanted happened through their exclusive fault or just by change, there not being anyone to blame.

While most companies that have direct dealings with the said public should protect themselves just in case, there are some professions that are more exposed to such risks, like the medical, architectural, financial and legal ones. And not only is their exposure higher, but proportionally the costs they might incur in case they did something wrong or were accused of doing so. Therefore, if that’s your line of business, you should immediately look for protection, such as professional indemnity insurance.

Thus, you’ll be covered with cash in case you make mistakes or related claims are being made, whether you are a simple individual or a company. Even if the value of such claims may be incomparably lower in the first case, you should always judge the costs depending on the means available to bear them and not in absolute terms. For instance, if you are a freelancing architect, and you unfortunately have a constantly interfering client, who has come with so many ‘original’ ideas that succeeded to actually compromise your design of his house, but he was too stubborn to admit it, and finally he got what he deserved, namely a partly dysfunctional abode, looking either asymmetrical or with some permanent vices, if he sues you, you may nevertheless have to pay. After all, you were the one who misjudged the situation, and, being the professional, you shouldn’t have allowed his interference to such a damaging extent. In the circumstances, the $50,000 he claims from you may be perceived by you as some $500,000 would be perceived by a building contractor with the same problem, but coming from a real estate developer, always pressed by the demands of clients, their expectations of lower prices, and finally the need for working with cheaper materials, naturally of lower quality.

At the same time, if you have a surgery, a dental or any kind of medical practice, having malpractice insurance is vital for you because, unlike all other liabilities that might involve huge sums of money in compensation, injuries and, especially, death are the most expensive. And the human health and human body, in general, being so fragile, the likelihood of higher damage and proportionally higher cost is by no means little.

However well you can be acquainted with your patient’s medical history, imponderables are so many when it comes to the human factor that you can never quite predict the end result. Or these are insurances for: the unexpected, the wrong, and the costly.


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