Professional Liability
What is Professional Liability Insurance?
Professional Liability Insurance, also known as errors and omissions (E&O) insurance, is a type of policy designed to protect businesses and professionals who provide services or expertise. This insurance covers claims of negligence, mistakes, or inadequate work that may result in financial harm to a client.
Professional Liability policies can be customized for different industries. For example, a law firm may need protection against claims of improper legal advice, while a medical practice may require coverage for alleged malpractice.
The most common types of coverage included in Professional Liability Insurance are:
Negligence claims: Protection against allegations of failing to deliver services at the expected professional standard.
Errors and omissions: Covers mistakes, oversights, or incomplete work that cause financial loss to a client.
Defense costs: Pays legal fees and court expenses associated with defending against a claim.
Settlement and judgment coverage: Provides financial support for damages awarded in a lawsuit.
Breach of duty: Covers claims that a professional failed to fulfill contractual or ethical obligations
Industry-specific coverage: Tailored options for accountants, consultants, healthcare providers, engineers, and other specialists.
The cost of Professional Liability Insurance varies depending on factors such as profession, risk exposure, claim history, and the level of coverage needed. Businesses and individuals should consult an insurance professional to determine the right plan for their unique situation.
In summary, Professional Liability Insurance is essential for service-based businesses and licensed professionals. It provides financial protection from claims of negligence or errors, ensuring continued trust and credibility. By securing the right coverage, professionals can safeguard both their reputation and financial stability.
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faqs
Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
What is a deductible?
A deductible is an amount that you're responsible for in the event of a loss. This is the amount you pay out-of-pocket, and insurance covers the remainder.
How can I make sure that I have coverage for my valuables?
When speaking with your agent to set up your policy, any valuables (jewelry, art, family collectibles), our agent can review your policy and recommend changes to ensure your valuables have proper coverage.
Do I need to get a new appraisal to renew or change my coverage?
No. You do not need a new home appraisal during the renewal or coverage change process.
Can I keep my carrier?
Yes, In most cases you can keep your carrier, but have The Bedford Group Inc. manage your policy. This is done by transferring you policy.
