Professional Liability Insurance
Also known as errors & omissions (E&O) or malpractice insurance. This coverage is tailored for individuals and businesses that provide a professional service to its clients, such as accounting firms, law firms, advertising agencies, insurance agencies, engineering & design firms. If an employee makes a mistake causing a financial loss to a client, your professional liability insurance will pay for legal defense and payment of judgements against you.
Who Needs Professional Liability Insurance?
Do you or your business provide professional services or advice to other businesses or individuals? Could your counsel or service lead to losses by your client for which you could be held responsible? If so, you’ll likely want to purchase professional liability insurance, also known as errors and omissions insurance (E&O).
Claims not covered by general liability insurance that are covered by professional liability insurance include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
Who Needs Professional Liability Insurance?
In some states, professional liability insurance is required, especially for attorneys and doctors. Legal and medical malpractice insurance policies are special types of professional liability insurance. Other professionals that should consider professional liability insurance include:
This list is not exhaustive. Consult with your insurance professional or inquire with your profession’s trade association to determine if you might need professional liability coverage.
What’s covered and what’s not?
There are two types of professional liability polices: claims-made and occurrence. Most professional liability insurance policies are “claims-made,” meaning that the policy must be in effect both when the event took place and when a lawsuit is filed for a claim to be paid. If, however, you change careers or retire, you may want to purchase an “occurrence” policy that will cover any claim for an event that took place during the period of coverage—even if the suit is filed after the policy lapses.
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. In general, coverage does not extend to non-financial losses or losses caused by intentional or dishonest acts. Other fees, such as licensing board penalties, may also be included. Policies will generally have a deductible ranging from $1,000 to $25,000. The amount of professional liability insurance you will need and how much it will cost depends upon the size of your business and the level of risk it poses.
You may be able to include professional liability coverage in a Commercial Package Policy (CPP) as an endorsement. Note, however, the professional liability coverage is not included in an in-home business policy or Business Owners Policy (BOP).
Why Choose Hailey Insurance?
Choosing Hailey Insurance means partnering with a trusted expert in commercial and hospitality insurance. Since our founding in 2003, we have expanded our services to clients across over 15 states, offering customized insurance solutions tailored to your specific needs and budget. Our commitment to affordability includes various premium discounts based on factors like your Workers' Compensation history and building condition.
We Prioritize Your Financial Security
By collaborating with carriers rated A (Superior) or higher by A.M. Best, ensuring prompt and fair claim handling. With comprehensive protection that covers everything from property damage to liability issues and catastrophic incidents, Hailey Insurance provides the peace of mind you need to focus on growing your business. Choose us for a reliable, tailored insurance experience that puts your needs first.
We Offer Affordable Solutions
Because we believe that quality insurance shouldn’t break the bank. Our programs feature various premium discounts based on your business’s unique characteristics, such as your Workers’ Compensation history and the age of your building. This approach helps you save money while staying protected.
Get in Touch Today!
At Hailey Insurance, we are dedicated to safeguarding your investment. Let us help you safeguard your businesses with tailored insurance solutions designed specifically for you!
Reach out to us today at (225) 296-0858 to discover how Hailey Insurance can provide the protection you need and the peace of mind you deserve!
"Can not say enough good things about this company! You can tell they really care about their clients. They really took the time to make sure that all of our needs were met and are always happy to answer my many questions. Their response time is also unbeatable."
- Megan Mackay
Omni Physical Therapy, Baton Rouge, Louisiana