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Liability Insurance – Schneider & Associates Insurance Blog



Courtesy of iii.org

Do you or your company provide professional services or advice to other companies or individuals? Can your advice or service lead to the loss of your customer for whom you could be held responsible? If so, you are likely to buy a liability insurance, also known as insurance for negligence and negligence.

Claims that are not covered by liability insurance covered by third party liability insurance include negligence, misconception, violation of good credible management and incorrect advice.

What types of companies need professional liability insurance?

In some states, liability insurance is required, especially for lawyers and doctors. Legal and medical malpractice insurance are special types of liability insurance. Other professionals who should consider professional liability insurance include:

  • Accountants
  • Architects
  • Engineers
  • Graphic Designers
  • IT Consultants
  • Insurance Staff
  • Investment Advisor
  • Management Consultants
  • broker
  • Software developer

This list is not exhaustive. Consult with your insurance professional or ask your professional organization to determine if you may need professional liability insurance.

What is covered … and what is not?

There are two types of accountability policies: claims and occurrence. Most professional liability insurance is "claims", which means that the policy must be in force both when the event took place and when a trial is filed for a claim to be paid. If you change your career or retire, you may want to purchase an "instance" policy that covers any event claim that occurred during the coverage period, even if the cost is filed after the policy expires. [1

9659003] Professional liability insurance will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy. Overall, coverage does not cover non-financial losses or losses caused by intentional or dishonest acts. Other fees, such as certificates of licensing cards, may also be included. The policy generally has a deductible from $ 1,000 to $ 25,000. The amount of professional liability insurance you need and how much it will cost depends on the size of the company and the level of risk.

You may include professional liability insurance in a CPP (Commercial Package Policy) as an approval. Note, however, that the professional liability insurance is not included in an in-house business policy or BOP (BOP).


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