What is professional liability insurance

For those, a business will need employment practices liability insurance. In general, professional liability policies have to be in place at the time a claim is filed in order to pay out. You may be able to purchase additional coverage for a set period of time before the policy start date. Anyone who provides professional services or advice to clients for a fee faces the risks that professional liability insurance protects against. This list can include:.

Consultants, including management and IT consultants. Insurance and real estate agents and brokers. Software developers and graphic designers. Medical professionals may be required by law to carry medical malpractice insurance.

Professional liability insurance may be required in other fields as well. For example, state licensing bodies may require lawyers to carry legal malpractice insurance or to tell clients whether or not they have it. Many commercial insurance companies offer professional liability insurance.

Comparing quotes from multiple insurers can help you find the lowest rates and best coverage. The cost of professional liability insurance depends on:. How common lawsuits are in your industry. The location where you work and how common claims are there. Select basic ads. Create a personalised ads profile.

Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. What Is Professional Liability Insurance?

Key Takeaways Professional liability insurance is used in businesses to protect against claims of negligence. Professionals such as accountants and doctors use this insurance to protect themselves against client claims of negligence or malpractice.

Professional liability insurance is also referred to as medical malpractice insurance or errors and omissions insurance, depending on the professional.

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GEICO has no control over their privacy practices and assumes no responsibility in connection with your use of their website. Any information that you provide directly to them is subject to the privacy policy posted on their website. Professional liability insurance is a type of business insurance that provides coverage for professionals and businesses to protect against claims of negligence from clients or customers.

Professional liability insurance typically covers negligence, copyright infringement, personal injury, and more. Although many types of businesses can be helped with professional liability insurance coverage, let's look at a few real life examples. Let's say you're a project manager. You accidentally forget to get to tell your client about needed sign offs causing project delays that increase the cost. Or maybe you're a massage therapist and your client sues you, claiming you caused tissue damage.

These are just a few of the cases that professional liability insurance could help you with. Many people often pair it with general liability insurance for more complete coverage. Every business' needs are different. A lot of things impact how much your premium will be.

We're ready to work with you to get the coverage you need at a great price. Some jobs and contracts require PLI. Beyond that, mistakes happen. Make sure that you and your business are protected with the right coverage. This is protection for current and previous work completed for an agreed upon timeframe. This timeframe is important to consider as things outside of this timeframe would not be covered. Whether you own small business, a growing one, large company, or starting a new business, we could help you save on your professional liability insurance.

Business examples include:. Example: A fire damages your office. A BOP could cover repairs to your office and help pay your employees' wages while business is interrupted. Get a Quote. Example: A client slips, falls, and injures their back at your place of business.

General liability could cover their medical bills. A personal auto policy is not enough to cover vehicles used for business.

Commercial auto insurance can:. Example: On a job site, a carpenter accidentally backs into the homeowner's car. Commercial auto insurance could cover the damage.

Protects businesses from losses from computer-related attacks, such as malware, phishing, ransomware, or if a laptop with confidential information on it is stolen.