Professional Liability Insurance

Professional liability insurance is also referred to as malpractice insurance or errors and omissions (E&O) insurance. It is designed to protect you in case you are sued for services provided by your business. Professional liability will cover your business, in case you are sued for negligence, breach of duty, omissions, misstatements and wrongful acts. If you consider yourself or are legally recognized as an expert in your field, professional liability ought to be considered as part of an insurance plan for your business.

Professional Liability Insurance Coverage

Do I Need Professional Liability Insurance?

Are you a professional? Are you legally recognized as an expert or consider yourself an expert in your field? Do you run your own business? If your answer to these questions is yes, then you need professional liability coverage for your business. Professionals such as doctors, dentists, beauticians, IT consultants, personal trainers and many others are expected to have extensive training, skills and technical knowledge in their area of expertise. There are also standards of conduct that guide their work. Failure to apply their skills and knowledge as is expected of them can result in their being held responsible for any harm that may have been caused to another person or business in a court of law.

What Does Professional Liability Insurance Cover?

Professional liability insurance coverage protects your business from financial losses in case you are sued by your clients. Defending your business in the event of a lawsuit can be very costly. Professional liability covers the following:

Defense Costs – this includes any suits against your business regardless of fault.
Negligence – this includes coverage for any mistakes or advice that your business is alleged to have made or given through your services.
Services That Were Previously Performed – your business will be covered for a time frame that is agreed upon including for previous work.

Types of Professional Liability Policies

There are two main types of Professional Liability Coverage which include Occurrence Coverage and Claims Made Coverage.

Occurrence Coverage

This type of insurance coverage ensures that your business is covered for incidents that occur while the policy is still in force. It does not matter when the claim is filed. This means that even if the incident occurred ten years ago when your policy was in force, you would be covered for the claim. This also applies even if you are not in business any longer.

Occurrence Coverage

This type of insurance coverage ensures that you’re covered for claims that are made during the term of the policy. Claims made after the policy expires are not covered, even if the claim is for an incident that occurred when the policy was still in force.

Supplemental insurance provided to enhance claims-made insurance policies include:

Get Professional Liability Insurance

Berliner-Gelfand offers professional liability insurance to professionals in various parts of the country including New Hampshire, California, New Jersey, New York, Pennsylvania, New England, Rhode Island, Vermont, Maine, and Massachusetts. Get a quote for insurance now and run your business without any worries. Contact us today to find out more.

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