Professional Liability Insurance

Get coverage for the uncertainties in business with professional liability insurance.

Professional liability insurance is business insurance that provides coverage for licensed professionals and businesses who provide various professional services. This coverage is in addition to your general liability and it would cover settlement costs, judgment costs, and legal closets from a loss from a customer or client who received your services. These financial damages and loss of reputation would result from but not limited to negligence, copyright infringement, misrepresentation, personal injury, copyright infringement, and much more. Professional liability insurance can protect various industry-licensed professionals from claims that arise out of their actions or inactions where there is a duty of care owed to the general public. This type of business Insurance is also often referred to as professional indemnity insurance or errors & omission insurance.

Professional Liability Insurance in Action:

Many types of professional industries can benefit from having PLI ( Professional Liability Insurance). Some industry examples are massage therapists due to the increased claim exposure from people who come in seeking relief from pain, and although massage therapists are licensed masseuses, sometimes therapists are unfamiliar with pre-existing conditions from the client or the client may not have fixed their pre-existing condition. This can open exposure for clients to claim they now have tissue damage after the massage. Other industries can be senior financial advisors, accountants, real estate project managers, or lawyers. Failing to collect the required signatures (error), and creating significant delays (omission) to the project, service, or professional duty can expose the business to both punitive damages and financial damages, this is when Professional Liability insurance would be needed. In live action, this is called a claims-made policy, when the claim is made the coverage is triggered.

When should you consider Professional Liability Insurance:

How much does professional liability Insurance cost

More important than the cost is to ensure you have the right coverage for you as a licensed professional. Many factors do go into price because no two businesses or industries are exactly alike. RightAway Insurance is a trusted insurance advisor that works with multiple professional liability Insurance carriers to protect your business with adequate and appropriate coverage all at competitive prices. Whether you already have a policy and are trying to make sure you are getting the right mixture of valuable coverage with a competitive price, or a new business looking for guidance to make sure that you are protected with Professional liability insurance (PLI) that meets your licensing needs and budget – contact us today!

Why would I need Professional Liability Insurance (PLI)?

One certainty in life is uncertainty. Mistakes happen due to natural human error, if those mistakes ever happen then you will want to make sure that you have the right coverage in place to continue to do business. So you will not suffer an altering financial setback. Some contracts and partnered jobs will be required to engage with your company and you must have a general liability for the 3rd party requirements. However, to ensure you have protection for yourself, it is important to have things like employment practices liability insurance (EPLI), valuable papers, and Professional
Liability Insurance (PLI). Rightaway insurance will make sure you have both the adequate limits and protections for your industry!

What Does Professional Liability Insurance (PLI) cover:

What are other items covered by Professional Liability Insurance (PLI):

What Businesses Are Right for Professional Liability Insurance (PLI) Coverage

Whether you have a small business, a medium-sized business, or a large company, Rightaway Insurance can help you find the perfect commercial policy for your budget. All industries and business types can benefit from Professional Liability Insurance (PLI) including but not limited to the following:

Differences between General Liability Insurance and Professional Liability Insurance

General Liability (GL) Insurance covers third-party damages and or claims that include but are not limited to physical injury & product damage, and premise liability. A general liability may also have policy coverages for risks like cyber, valuable papers, and employment practices liability insurance (EPLI) ; however these do not cover the loss sustained due to the quality of work or service performed. All of these liabilty coverages exclude punitive damages or claims of negligence of service. Professional Liability Insurance (PLI) covers- Errors and Omissions( E&O) that would entail failure to deliver, professional misconduct, breach of contract, and much more. Professional Liability Insurance or indemnity insurance would cover punitive damages arising from inaccurate advice or even accurate advice that doesn’t lead your client to the desired outcome.

Some factors that impact Professional Liability Insurance premiums (cost) may be: