Professional Liability insurance is designed to cover errors & omissions of an individual or organization that results in a financial or economic loss to a third party.
Most individuals or organizations that are considered “professionals” will have a need for a professional liability policy. Common industries include consultants, engineers, accounting firms, attorneys, financial advisors, third party administrators, and many other service related organizations. Policies typically cover defense and litigation costs as well as damages awarded to the claimant up to the limit of coverage.
Medical professionals need another form of professional liability coverage called medical malpractice coverage. This covers the medical professional from errors or omissions related to their medical services provided to their patients.
The cost for this coverage is dependent on many factors such as limits needed, the type of professional services the insured provides, gross sales from professional services, the number of professionals that are being covered under one policy, among several other factors.
Due to the specialization of coverage, not all insurance carriers offer professional liability policies. It is important to review your available options with your insurance agent to discuss the best plans that are available.
If you are interested in obtaining Professional Liability coverage for your business or organization with one of our many reputable insurance carriers, our team of licensed and experienced agents will be happy to help you. Call us today toll free at 1-800-686-2147.