by Kevin Johnson
While it is standard practice to protect your physical property with insurance, coaches often forget to protect the most important parts of their business: their reputation and financial security. Unfortunately, many coaches misunderstand how professional liability insurance protects them and their practice in the event of a claim or lawsuit.
Anyone who interacts with clients—as a professional in an educational or clinical environment, or even as a student working on their first internship—needs professional liability insurance. In our litigious environment, your close work with people can open you to accusations of misconduct.
Professional liability insurance does not provide coverage in instances of fraud or intentional acts; rather it offers a financial buffer in the event your professional services or opinions are questioned or you are accused of negligence. When a claim is made against you, the insurance company helps defray the expense of evidence discovery and represents your interests in the event of a trial or hearing.
While many employers provide professional liability coverage for their employees for acts on their behalf, you could be uninsured in the future if the employer fails to renew the coverage, goes out of business or doesn’t purchase extended reporting coverage. Any coverage with a new employer will not respond to claims arising from your previous employment. As well, many coaches are self-employed and do not have these types of employee benefits. Personal coverage allows you to choose the amount of insurance you need and gives you individual control over your insurance premium.
IAC Member Benefit: As an IAC member, you can get a quote, apply and receive coverage from the program in the comfort of your home or office. Just visit the IAC Member Benefit page for a special link and contact information. In just a few short minutes you can have the valuable coverage you need to protect yourself.
Kevin Johnson is the Assistant Vice President of Lockton Affinity. No matter how cautious your approach to coaching, your career and financial stability are always on the line. Lockton Affinity's IAC- endorsed professional liability insurance program is specifically designed to protect its members from the ever-increasing risks of malpractice lawsuits.