Management and Organizational Studies 2275A/B Chapter Notes - Chapter 22: Fiduciary, Professional Liability Insurance, Disclose

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Relationships and legal obligations: professionals who are employees are governed by the basic principles of employment law, relationships with external professionals are defined by contract law, professionals are held to a higher standard than other service providers. Responsibilities of professionals to clients and others who rely on their work: professionals owe responsibilities to their clients, contractual duties, tort duties, fiduciary duties. Professional service contracts: both parties benefit from a clear and carefully prepared agreement that includes all essential terms and clarifies expectations. Insurance: errors and omissions insurance is a condition of practice in most professions that members carry some minimum amount of this professional liability insurance. Legislation: professionals are self-regulating, critics say that the accountability of professions is sacrificed in favour of self- interest and protection of members. Professional practice: must belong to a provincial governing body in order to practise within the particular province.