subject: Professional Liabiilty Insurance Quotes [print this page] Professional Liabiilty Insurance Quotes
Professional Liability Insurance 101 - Part 1
Professional Liability Insurance - Common Questions & Answers
The preceding information regarding "professional liability insurance" is provided as general information, it is not intended nor does it replace a comprehensive understanding of ones own coverage or supersede the specific language of any policy. Also keep in mind that Professional Liability Insurance policies are not standard, each one differs. The terms and definitions introduced here can be different from what exactly is contained in a specific policy. Be sure to contact a licensed professional liability insurance agent for specific details pertaining to your state.
This article on professional liability insurance will be covered in two parts, this is part one.
What does Professional Liability Insurance cover?
Professional Liability Insurance protects for errors and omissions committed by you, your partners or your employees in the course of their professional duties where you become or could become legally liable. For example it would cover missed filing deadlines; professional liability insurance may address areas like medical, legal or accounting procedures/engagements that the outcome was less than what was expected; or errors made in interpreting the law or applying a statute.
With few exceptions, most commercial and business owners policies exclude coverage for professional acts. No matter how careful errors (either actual or perceived) do occur.
So what does Professional Liability Insurance not cover?
It does not protect against slips and falls within an office, destroyed property, advertising injury, or other types of general liability claims. Occasionally there are add-on endorsements to provide some additional coverage for these incidents however these would be better covered by your general liability or business-owners policy.
It also does not cover employment practices claims against you, such as wrongful termination, wrongful dismissal or sexual harassment charges.
Why you should purchase Professional Liability Insurance?
Malpractice claims frequency tends to increase when the economy isn't doing well. The amount of errors or problems do not increase but more business deals go bad and people are generally looking for ways to become whole again. The problems were already there, however in a declining economy more of the problems emerged. One of the most important insurance benefits is having the insurance carrier pick up the defense expenses and locate outside counsel to represent you. Many providers have claim "Hot Lines" to enable you to discuss an incident ahead of it becoming a claim. And if a claim is submitted insurance providers have pre-selected attorneys that specializes in handling malpractice claims to represent you and if nothing else give you piece of mind that when a problem takes place you are not all alone.
Get additional information on Professional Liability Insurance @ Monument Commercial Insurance Agency. We will also be publishing a part two to this article within the next few days, so keep watch. And thanks for reading.
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