Professional Liability Insurances

Insurance designed to meet the unique exposures of professional service providers.

Professional Liability Insurances is not affiliated with telemarketers and/or third party solicitation.

Who Needs Professional Liability Insurance?

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O), which helps businesses with professional services. Considering this type of insurance is very important to protect you against claims, lawsuits, settlements, and more. Professional Liability Insurance typically covers claims brought by their clients for negligence or other reasons. And this is because general liability insurance policies do not cover claims stemming from business or professional practices such as carelessness, malpractice, or misrepresentation.

Why Do You Need Professional Liability Insurance or Malpractice Insurance?

Professionals in a specific area such as engineers, insurance agents/brokers, accountants, lawyers, doctors, dentists, priests/churches, real estate brokers, teachers, and more require this form of insurance. It would be best to have professional liability insurance because people are not the same. There will be those who are happy with your service, and there will be those who are not. Unfortunately, an unhappy customer or client could claim that your mistake, negligence, or oversight cost them money.

The Benefit You Can Get If You Have Professional Liability Insurance

You’ll come across as being more professional, and clients will respect you more.

You’re much less likely to become bankrupt or suffer a large amount of money as a result of a lawsuit.

You’ll be able to meet client liability insurance requirements quickly.

You’ll be safe from government penalties if you violate the rules and regulations.

Who needs Professional Liability Insurance

Professional liability insurance helps any business owner perform a service or earn money from their professions, such as lawyers, doctors, engineers, and others. Moreover, some states require Professional liability insurance for doctors and lawyers. In those professions, professional liability insurance is typically called malpractice insurance. Professional liability insurance might be beneficial even if you aren’t in the medical or legal fields. Here are some examples of professionals or business owners who should acquire professional liability insurance.

Professional Liability Quote

What Does Professional Liability Insurance Cover?

Professional liability insurance protects against claims of actual or alleged negligence arising from the provision of professional services, such as inaccurate advice, omissions, or failure to deliver a service. Whether professionals made a mistake, this coverage covers damages and defense costs up to your policy limits. Even if you did nothing wrong, your client has the right to sue your company if they believe you made a mistake. You’ll have to pay for expensive legal defense charges out of pocket if you don’t have coverage.

Available Types of Professional Liability Insurance

Medical malpractice insurance is a type of professional liability insurance that protects doctors against the financial consequences of malpractice cases. Legal fees related to a lawsuit, such as attorney's fees, arbitration costs, and settlement costs, are covered by malpractice insurance. If a physician is determined to be guilty of malpractice and the patient prevails in court, insurance coverage also covers the damages.

Medical Malpractice Insurance

Professional liability insurance is often known as errors and omissions insurance. Many types of errors and omissions insurance are claims-made, which means that people must have the policy in place when an issue arises and file a lawsuit. On the other hand, an occurrence policy covers claims when a policyholder has coverage, even if a person sues after the professional's policy has expired.

Errors and Omission Insurance

Individuals serving on the board of directors are covered by directors' and officers' insurance, protecting them against responsibility. Rather than providing comprehensive, company-wide protection, D&O offers personal protection for directors and executives. The policy may cover officers and directors of private enterprises, public companies, and non-profit organizations.

Directors and Officers Insurance

Understanding Errors and Omissions

Engineers, doctors, business owners, insurance agents, and lawyers all have one thing in common: they all have a high financial and professional relationship with their clients/customers. And this means that they are at increased risk of lawsuits should unwanted things happen. For example, if you’re an insurance agent, you should have insurance coverage covering errors and omissions. This coverage will protect you from the legalities of data breaches, liability, and negligence lawsuits. It takes time to learn about error and omissions insurance, and it can leave you with many questions that need an answer.

General Liability vs. Professional Liability

It can be challenging to determine what forms of liability insurance you require as a business owner. The right coverage will depend on the risks that your company faces. If you are a doctor or a dentist, it would be best to acquire professional liability insurance. If you own a small business, such as a coffee shop, then general liability insurance may be the right choice. The main difference between General and Professional Liability is the types of risks they cover. General liability covers physical hazards, such as bodily injury and property damage. On the other hand, Professional liability covers more abstract risks, such as errors and omissions in the services or products your business provides.

Professional Liability Insurances