Professional Liability

PROFESSIONAL LIABILITY

You provide people with goods or services and in return, they pay you for it. But being a pro isn’t easy, and despite the number of years you have spent in your line of work, mistakes can happen. 

Our independent insurance agents are real know-it-alls when it comes to professional liability insurance. And they’ll help find the right protection for you should some unexpected mistake rear its ugly head and bite you with a lawsuit.

What Is Professional Liability Insurance?

Depends. What’s your profession? Professional liability insurance varies depending on the pro who’s being insured. But basically, it covers you when you make a mistake. It helps protect you financially from legal claims and lawsuits, all the way up to your selected policy limits. 

The Most Common Professional Liability Insurance Policies

•  Architects Insurance 
•  Computer Programmer & IT Consultant Insurance 
•  Counselors Insurance 
•  Engineering Insurance 
•  Malpractice Insurance 
•  Medical Malpractice Insurance 
•  Notary Insurance 
•  Paramedics Insurance 
•  Personal Trainer Insurance 
•  Police Officer Liability Insurance 
•  Private Investigator Insurance 
•  Security Guard Insurance 
•  Teacher Insurance 

What Does Professional Liability Insurance Cover?

There are a couple of different coverage types based on what you do and provide to customers or clients.

• Malpractice insurance is coverage that’s specifically designed for medical pros (think psychiatrists, podiatrists and gynecologists). It protects against lawsuits that allege negligence or mistakes. Pretty much anyone working in the healthcare field should have a whole bag full of this type of coverage.
• Errors and omissions liability insurance (aka E&O Insurance) is coverage that’s designed for those who provide advice or services (think lawyers, consultants, insurance agents and architects). It protects against lawsuits and the like that claim a financial loss occurred based on bad information or negligent advice.

A lawsuit can end up red-flagged in the inbox of nearly every kind of professional out there. And being prepared is always far better than not. So take the time to think of your future and the protection it needs. 

There are two kinds of professional liability policy to think about:

• 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 cheaper.
• 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, but it also comes with a higher price tag.

Think of the difference between the two like this: a claims-made policy is designed to protect backwards, whereas an occurrence policy is designed to look to the future and protect what may come.

As always, an independent insurance agent can answer any questions you have about liability policies and can help steer you toward the right protection for your career and your livelihood.