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Professional
Liability

Professional Liability

If your company depends on your experience to offer professional services to other companies or individuals, your clients will expect you to have extensive training in your field, and your work must meet industry, individual client contract, and state requirements. Otherwise, if your service or advice causes your client(s) to lose money, you can find yourself in court.

Professional Liability Insurance will help you pay for claims and litigation that general liability insurance won't cover, such as when your clients suspect you of:

  • Services that are substandard

  • False advertising

  • Services that have not been delivered

  • Good faith and fair dealing have been violated.

  • Workplace blunders or bad guidance


Our Professional Liability Insurance includes:
  • Medical Mal Practice
  • Errors & Omissions
  • Employment Practice Liability
  • Directors and Officers

How professional liability insurance works

Professional liability insurance can be divided into two categories:

1. Claims-made: The policy was in place at the time of the incident and when the case was brought.

2. Occurrence: This policy includes an occurrence that occurs during the coverage period, but you are no longer in the field due to retirement, a career change, or another case.

Only the financial risks up to the policy's maximum are required to be covered by the insurance policy, which usually include:

  • The cost of defending yourself against the charges

  • Expenses incurred as a result of a judgment against you

  • Other fees, such as fines imposed by licensing boards

Keep in mind that non-financial damages, as well as losses caused by dishonest or intentional actions, are not covered. Furthermore, the plans have deductibles ranging from $1,000 to $25,000, depending on your occupation, company size, and risk level.

Does your business really need professional liability insurance?

Professional liability insurance, in the form of medical and legal malpractice, is available in some states for physicians and lawyers. Professional liability insurance can also be beneficial to the following professionals:

  • Advisers on investments

  • Consultants of information technology

  • Professionals in the insurance industry

  • Consultants of management

  • Architects are people who design buildings.

  • Accountants are people who work in the accounting sector.

  • Engineers are people who work in the field of engineering

  • Graphic designers

  • Software developers

  • Real estate agents and brokers

Professional liability insurance is also recommended for any other occupation where the services or advice can cost the client money.

According to a 2017 report, more than one-in-five companies face problems that could lead to professional liability litigation (such as contract disputes and customer complaints). According to another report, small business cases cost between $3,000 and $150,000 on average.

Even if state laws or your companies do not warrant it, it is a good idea to carry professional liability insurance because of the possible financial consequences of a lawsuit, as well as the potential harm to your company reputation.

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COMMERCIAL LINES

Workers Compensation

Commercial General Liability

Commercial Auto Liability

Professional Liability

Umbrella / Excess Insurance

Employment Practice Liability

Group Health Insurance

Cyber Liability Insurance

Surety & Fidelity Bonds

SPEAK TO AN AGENT (818) 649-2267

Contact Info

 

Phone: (818) 860-4400

e-mail: contact@logosinsure.com

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