What is Professional Liability Insurance?
Professional liability insurance, also known as, medical malpractice insurance for the medical profession, and errors and omissions insurance, for people in the real estate industry, is a type of insurance that protects businesses from the financial damages that can result from professional negligence. This includes acts of omission, professional misconduct, and errors or mistakes.
In the event that a business is sued for professional negligence, the professional liability insurance policy will cover the costs of legal defense, settlements, and judgments. While professional liability insurance is not required by law, it is often a requirement of professional associations and contractually obligated by clients. As a result, it is an essential piece of protection for many businesses.
Who should get a professional liability policy?
Anyone who provides a service for customers should have a professional liability policy.
When you are hiring a professional, whether it be a lawyer, accountant, or even a hairdresser, you want to be sure that they are taking the necessary steps to protect you in case something goes wrong. One way to do this is to make sure that they have professional liability insurance.
Many professionals are required to carry professional liability insurance, and it can provide peace of mind for both the professional and their client. In the event that something does go wrong, professional liability insurance can help to ensure that the professional is financially protected. This can help to ensure that the professional can continue to provide their services without fear of financial ruin.
What does professional liability insurance cover?
Professional liability insurance typically covers these things and more:
Mistakes or negligence
Copyright infringement
Personal injury
Temporary staff and independent contractors
What does professional liability insurance not cover?
Professional liability insurance does not typically cover intentional acts of professional misconduct, criminal charges, losses due to breach of contract, or damages caused by product defects. In addition, professional liability insurance generally excludes coverage for professional services that are outside the scope of the policyholder's professional practice. As a result, it is important for businesses to carefully review their professional liability insurance policies to ensure that they have the coverage they need.
Choosing the best coverage for you
Protect your business with insurance coverage that meets your specific needs.
Triangle Insurance offers a variety of policies to choose from, so you can find the perfect one for your business. We have years of experience in the industry and are dedicated to providing you with the best possible service.
Get a free quote today and see how much money you could save on professional liability insurance. You’ll be surprised at how affordable our rates are – and we offer customized policies, so you can get exactly what you need.
Contact us today to learn more about our professional liability insurance policies – we’re happy to answer any questions you have!