Are there industry-specific coverages for Professional Liability Insurance?

General liability insurance is an excellent product to protect businesses from some of the fundamental liability claims their clients may make. For some business owners, general liability may not go as deep as they need.

Financial, legal, medical and other professionals who’ve had to get certificates, specialized education and/or licenses in order to manage business are expected to act within recognized and suitable standards for their profession. Their experiences and certification make them accountable for upholding these particular and strict expectations. That is a more specific requirement than general liability will cover. Professional liability insurance can protect them from failing to follow these standards.

Professional liability insurance can be issued as a general “Professional” policy or as an industry-specific coverage, such as errors & omissions or malpractice.

1. Errors & omissions: As a legal, financial or real estate professional, it’s possible to make an error on official paperwork or in arranging a contract, and that mistake could cause financial damage to a client. If you do, errors & omissions insurance may offer you some liability protection.
2. Malpractice: Any medical professional such as nutritionists, physical therapists, nurses, fitness trainers, doctors and others can be subject to malpractice claims. Malpractice occurs when a medical professional is careless with respect to following accepted standard practices for treatment and disclosures and that carelessness leads to injuries or fatalities. Lawyers are also subject to malpractice claims for breaches in fiduciary duties, breach of contract or negligence that causes harm to a client.

There are many experts who would benefit from a professional liability policy. From technology specialists to electricians, consultants to contractors, as well as all the professionals mentioned above.

When shopping for insurance coverages, two aspects must be considered, a limit, which is the maximum payout for your policy; and a self-insured retention, which is basically a deductible. To receive the most comprehensive coverage be conservative when deciding how much to self insure and generous when choosing a limit for your policy.

Your general liability policy might not offer adequate coverage from your actual risk exposure, so give us a call to discuss your options for Dallas Professional Liability Insurance. We can conduct a policy review and make recommendations for additional products that increase the protection for your specific situation.