Call Us 847-367-1234 ☰ ˟
Logo
Call Us 847-367-1234
  • Our Agency
    • AboutImage of right arrow
      • Employee Directory
      • Our Location
    • Get A Quote
    • Our Providers
    • Contact UsImage of right arrow
      • Main Office
      • Brookfield, WI Office
  • Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Renters
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Group Life Insurance
      • Individual Life Insurance
      • Long Term Care
      • Mortgage Protection
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Personal Umbrella Insurance
    • Other Personal Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Law Firm Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Fidelity Bonds
      • Loss Control Insurance
      • Inland Marine Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Individual Life Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Contractors Insurance Quote
    • Homeowners Insurance Quote
    • Personal Umbrella Insurance Quote
    • Life Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Renters Insurance Quote
    • Classic Car / Antique Insurance Request
    • Umbrella Insurance Quote
    • Workers Compensation Insurance Quote
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Blog
    • Benefits of Independent Agents
  • About Us
    • About Us
    • Testimonials
    • Privacy Policy
  • Contact Us
    • Main Office
    • Brookfield, WI Office
    • Our Location
Home > Blog > What You Should Look for in Professional Liability Insurance
WEDNESDAY, AUGUST 11, 2021

What You Should Look for in Professional Liability Insurance

When insuring your business, it’s important to make sure you have the right policy to protect your assets in case of a lawsuit. Unfortunately, your professional liability policy may not be as comprehensive as you think. 

Professional liability protects a business when a client files a claim due to loss caused by the business’ services. For example, if a banker makes a filing error that causes a client to lose money, professional liability will protect the company against a possible lawsuit that follows. 

Before you sign up for a professional liability policy, be sure that the insurance agents you’re considering are professionals when it comes to commercial insurance. Check reviews and speak with other businesses that insure with the insurance company. Once you’ve decided on an insurance company, read the policy carefully. Some policies have limits on coverage. If your business faces many different types of risks, it’s important to ensure that your professional liability policy covers them. Industries that face several unique risks include: 

  • Medical practices 

  • Construction companies 

  • Real estate brokers 

  • Insurance professionals 

  • Accountants 


Different industries need different amounts of coverage. If your business is likely to be sued, you’ll need a higher policy limit. This means higher premiums, but also means that you should have the right amount of coverage to cover a claim. 

What are the Types of Professional Liability? 

There are two types of professional liability policies: occurrence and claims-made. An occurrence policy covers events that occur while the policy is active. A claims-made policy covers claims once they’re made even when the act that triggered the claim occurred before the policy was active. In summary, the coverage of an occurrence policy depends on when the event occurs while coverage for a claims-made policy depends on when the claim occurs. Professional liability policies are most often claims-made policies. Consider the necessity of your industry. In some industries, claims will take longer to file while others are more immediate. 

Also make sure you’re aware of your policy’s possible exclusions. A professional liability claim may be denied in cases of: 

  • Employee injury or lawsuits 

  • Employment practices 

  • Business property damage 

  • Vehicles 

  • Intentional acts 

  • Criminal acts 


How Much Does Professional Liability Cost? 

Rates vary for professional liability depending on the profession, claims history and location of the business. On average, a business may pay $710 a year for professional liability insurance coverage. 
Posted 1:24 PM

Tags: professional, liability, insurance, coverage, policy
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • auto insurance(7)
  • classic auto insurance(4)
  • insurance(3)
  • home insurance(3)
  • liability(2)
  • general liability insurance(2)
  • coverage(2)
  • policy(2)
  • classic car insurance(2)
  • commercial auto insurance(2)
  • workers compensation(1)
  • life(1)
  • life insurance(1)
  • whole(1)
  • bop insurance(1)
  • terms(1)
  • workers compensation insurance(1)
  • storm damage(1)
  • jewelry insurance(1)
  • professional(1)
  • business owners policy(1)
  • risk(1)
  • high value home insurance(1)
  • builders(1)
  • retirement(1)
  • builders risk(1)
  • professional liability insurance(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
200 Peterson Rd. | Libertyville, IL 60048
P: 847-367-1234 | F: 847-367-9777 | jim@jimkellyins.com
Social Social
Logo    dave ramsey brands

Powered by Insurance Website Builder