Professional Liability policies protect you from the liability of errors and omissions in your professional work. This liability is usually excluded from "General Liability" coverage and must be purchased separately.
One of the main purposes of a Professional Liabiltiy policy is to offer a form of defense should you be named in a suit. Especially when dealing with high-risk areas, such as Medical Liability, the cost of defense can be very high, even if no negligence is found on the part of the accused.
If a Professional Liability policy claim is covered, the policy will help pay for this cost of defense, as well as awards for bodily injury and economic damages. Professional Liability policies do not usually pay for punitive damages or other assesments of that nature.
Professional Liability is written on one of two types of forms: "Claims Made" or "Occurence". A Claims Made form provides coverage only during the time the policy is kept in force. You can typically purchase an "Extended Reporting Endorsement", often referred to as a "Tail", after you terminate your policy, which extends the period of time in which you can submit a claim to the insurance company. While this does not extend coverage into the future, it allows you to submit a claim during the Tail period for acts committed while the policy was active. This is very important as claims can arise years after an incident occurs.
An "Occurrence" form usually allows you to file a claim at any time for incidents that occurred during the policy period as long as limits of insurance are available. The advantage to this type of form is that it removes the additional expense of a "Tail" at the end of the policy period.
Common Examples of Professional Liability policies are:
We have multiple markets available to us, and no two policy forms are exactly alike. If you are unsure what type of coverage you need, please contact us.
Other Items of Consideration
Medical Office and Hospital Program: Our agency specializes in insuring all things medical. If you are a doctor or a hospital system, check out our Medical Program.
Small Business Insurance: If you are a Small Business owner then there are many exposures that you should insure against to prevent your entire operation from shutting down due to one loss. With our Business Owner's Packages, or specific lines of insurance, we can help keep your business financially secure.
Large Business Insurance: Large businesses have a wide variety of equipment, exposures and operations that they need to insure. It is important to know that you have an agency you can trust and a policy you can rely on.
Bonds: Our agency writes a wide variety of bonds. Bonds are often required by law, so be sure that you are properly bonded.
Special Events: Special Event insurance is for any organization or person that is holding a certain type of function where they need special Liability insurance for the event.
Workers' Compensation: Workers' Compensation is needed to protect you and your employees from costly lawsuits involving workplace accidents.
If you are interested in a quote for any of these lines of insurance or are still unsure about what exactly your business might need, please contact us.