What is professional liability insurance?
Professional liability insurance protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may take on different forms and names, like malpractice and E&O insurance.
The number of liability lawsuits against professionals has increased in recent years. Many professionals within a variety of industries are at risk of being sued, whether the charges are valid or unfounded. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional liability insurance helps with the financial burden of these events.
Who benefits from professional liability insurance?
Any professional who provides a service, expertise or advice to clients for a fee can benefit from coverage against liability lawsuits. Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Professional liability insurance will protect your business and its finances if such an event arises.
Get started today
We will evaluate your business to determine its unique insurance needs and find you the professional liability policy with the necessary coverage. Call us if you have questions or want to get started. We are happy to help you get the protection you need.
We know that, “the bigger the business, the bigger the bills,” and that’s why we’ve made it our business to protect businesses like yours. Growth shouldn’t be rewarded with penalties, and we want to secure the best rates for your protection.
What sort of property or liability insurance would your business need? What extent of coverage? How personalized can the packages be tailored to your business’s needs? Your questions are important and should be answered, but, as you’re reviewing your options, remember, here at Zupnick Associates, we:
- Identify potential liabilities
- Assess property value
- Assess potential growth
- Predict likely damages
For medical practices and other healthcare facilities, we review aging equipment, poor signage and more to build every liability scenario into your policy. We do it all with the utmost care and conscientiousness, because when you entrust us with your business, we treat it like it’s our business.