Professional Liability Insurance

This is a type of insurance coverage designed to safeguard you against errors or negligence that results in a financial loss for your customer.

Professional liability is different from general liability, which covers claims of bodily injury and property damage. Professional liability insurance provides coverage for the expense of a legal defense and judgments or settlements up to an amount posted on the policy.

Litigation can be extremely expensive in a major suit.

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Professional liability insurance can be applied to quite an assortment of industries.

Here’s a brief look at three of the most common professional liability insurance policies:

Malpractice Insurance: Designed for medical professionals, this protects against lawsuits that allege negligence or errors. Any person working in healthcare field should seriously consider a malpractice policy.

Errors and Omissions Liability Insurance: This coverage is ideal for those who work as Realtors, lawyers, stock brokers, insurance agents, accountants, designers and architects. These fields involve the offering of advice to clients. Clients who take action based on that advice are taking a risk and may come to believe that it resulted in a financial loss.

 Directors and Officers Liability Insurance: Specific to business executives, this coverage handles a number of circumstances such as unlawful acts, bad investment decisions, releasing confidential information,gross negligence, conflicts of interest and other errors.

Professional Liability Insurance

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Professional liability insurance generally is available as “claims-made” and “occurrence.” A claims-made policy must be active not just when a lawsuit is filed, but when the actual incident that sparked the lawsuit happened.

This is the more common form of professional liability policy and is usually less expensive.

Occurrence coverage is for any incident that happens during the coverage period, even if legal action is taken after the policy has expired.

While these policies provide comprehensive coverage, they are typically more expensive.

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