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What type of insurance do you need?
Any professional who operates their own business or provides a service to customers should protect themselves with professional liability insurance—this, of course, is in addition to any business policy they may already have. This protects the insured against the hefty financial loss that can come with any lawsuit filed against them by their clients.
Simply put, because people love to sue. And while most professionals who work underneath a parent company, hospital, or firm already have some form of coverage, it still has its limits. More often than not, the existing coverage will still leave you underinsured with some sizable protection gaps. If something goes wrong and you damage someone or some business financially, the legal fees can be catastrophic to an individual.
Any lawsuit, no matter if it ends up in court or is settled without it, will be expensive to resolve. Professional liability insurance is designed to help protect you from what could be a serious financial burden.
Think of professional liability insurance as coverage that protects you from client lawsuits after financial damage or loss, whether that's from the things you did as a part of your contract, OR things you neglected to do that may have led to harm. If you're caught without coverage, you’ll have to pay some pretty expensive legal defense costs out of pocket.
Within professional liability insurance are unique policies like errors & omissions insurance and malpractice. Errors & omissions is designed to protect professionals who provide services, like consultants, accountants, etc., whereas malpractice is designed to cover medical professionals.
There are two different professional liability coverage types: a claims-made and an occurrence policy.
A claims-made policy must be in effect both when the lawsuit is filed and when the incident in the suit took place. This type of policy is the most common, and is usually less expensive.
An occurrence policy covers any incident that takes place during the coverage period, even if the actual lawsuit is filed after the policy expiration. This type of policy provides more comprehensive coverage and is higher priced.
Errors and omissions liability insurance, also called E&O insurance, is a form of professional liability coverage. E&O insurance was designed for those who provide advice or services like lawyers, consultants, insurance agents, and architects. It protects against lawsuits that claim a financial loss occurred based on bad information or negligent advice.
Malpractice insurance is a form of professional liability coverage. This specific form of insurance was designed for medical professionals like psychiatrists, podiatrists, and gynecologists. It protects against lawsuits that allege negligence or mistakes. If you work in the healthcare industry, malpractice insurance is an absolute must.
Yes. And maybe no. In most cases, whether you work for a hospital, a law firm, an insurance brokerage, etc., you should be protected under your employer's professional liability coverage. However, that policy will have its limits. And if there's already been a claim filed against the policy, the company's coverage limit may have already been reached.
Beyond that, your employer is most concerned with their own coverages, which may leave a few gaps in the coverage that's more important to you. You should always speak with your employer and your independent agent to make sure you have the right coverage for your needs.
No matter what you do for a living, there's risk. And the more risk involved, the higher the insurance premiums. So you can imagine that a policy for a neurosurgeon or anesthesiologist will cost quite a bit more than a professional liability policy for an independent insurance agent. For that reason, it's hard to ballpark a figure without knowing more about the risks you face.
To get exact pricing specific to your profession, speak with an independent insurance agent. They'll help you find the right coverage and policy at the perfect cost for your budget.
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If you're a professional who advises, treats, or provides a service for clients regularly, professional liability insurance is a must-have to protect both you and your business practice from a lawsuit.
Talking with a local independent insurance agent is the best place to start when considering professional liability insurance. They can guide you in the direction of the right policy and carrier for your business and answer any questions you may have.
Simply put, professional liability insurance is a form of business coverage designed to protect professionals against liability costs resulting from errors or omissions in the services they provide.
It's important to understand that in nearly every profession, customers and clients can—and will—sue if the job you did for them doesn't meet their standards. And if you're caught without coverage, you’ll have to pay some pretty expensive legal defense costs out of pocket, enough to potentially ruin your career goals.
If you work for a large company, firm, or clinic, you probably already have existing general liability coverage, maybe even professional liability as well. But that coverage has its limits and may not be enough to protect you.
No matter how experienced you are, accidents will happen. And sometimes even the slightest mistake can lead to some significant financial damage for your clients' business. And when that happens, you can expect a lawsuit to follow.
In any lawsuit, no matter whether it ends up in court or it's settled out of court, it's going to be expensive to resolve. Professional liability insurance is designed to help protect you from what could be a serious financial burden.
There are a couple of different professional liability policies based on what you do and provide to customers or clients.
Professional liability, is also known as errors and omissions liability insurance, or E&O insurance. Policy coverage is designed for those who provide advice or services like lawyers, consultants, insurance agents, and architects. It protects against lawsuits that claim a financial loss occurred based on bad information or negligent advice.
|E&O coverage levels||Covered||Not Covered|
|Mistakes made at work|
|Services not performed|
|Breach of contract|
|Missing contract deadlines|
|Employment practices liability|
Lawsuits are pretty common in nearly every professional industry, and finding the right liability coverage starts with understanding the two distinct types of policies available.
An independent insurance agent can help answer any questions you may have about liability needs, coverage, and specifics, and can help steer you toward the right protection for your profession.
It’s important to remember that professional liability insurance doesn’t cover everything. For example, it won’t help your business with these kinds of claims.
The best way to determine the amount of professional liability coverage your business needs is to speak with an independent insurance agent. Together they'll get to know you and your business and help determine what's right for you. They'll look for coverage gaps between your needs and your employers, look at the services you provide and discover what's right for you. In general, these are the biggest factors in determining your full coverage needs.
Key factors in professional liability needs
Business size: How big is your business? What are your sales? How many customer interactions do you have on a daily basis? A larger company will need more liability protection.
Number of employees: Sole proprietorship? Large business? The more employees, the larger the possibility for mistakes and lawsuits and the more coverage you'll need.
Business location: Where you deal with your customers matters. The larger the risk, the more protection you'll want to have in place.
Services provided: Different services come with different risks. Teachers. Architects. Police officers. With each comes their own perceived risk and need for more coverage.
When it comes to insurance, the pricing system is pretty simple to predict: the more risk involved, the higher the insurance premiums. For example, a policy for a neurosurgeon or anesthesiologist will be more costly than a professional liability policy for, say, an independent insurance agent.
To get exact pricing specific to your profession, speak with your local independent insurance agent. They'll be able to help you find the proper coverage and cost.
Whatever you need, your agent has your back. With a brief intro into the terms, discounts, and process of your professional liability insurance, you know the kinds of questions to be asking. Your agent will ask you all about your line of work, its risks and your goals, and will help find the perfect blend of coverage at the right cost for you.
Our independent insurance agents work for you, not the insurance companies. That means you always get the best coverage options to choose from.
When you have options from multiple companies, it's easier to find the best coverage at the right price, at no extra cost to you.
There's an independent agent in every city who always understands the insurance coverage you need most based on local laws and needs that apply to you.
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