Professional Liability Insurance
The Importance of Professional Liability Insurance
Businesses that provide services rather than products should invest in professional liability coverage. Professional liability insurance covers you in the event of malpractice, mistakes, and negligence that can potentially lead to litigation. Like with product liability, the cost of coverage depends on the type of service being offered. If your business offers services or provide consultation then investing in professional liability insurance might be the right move for you.
Professional Liability Policies Include:
Negligence
Negligence coverage insures against alleged or actual errors when performing services. This can include providing misinformation, failing to include information, or not delivering a service all together.
Personal Injury
Personal Injury coverage protects you against from economic injuries sustained as a result of libel or slander committed in part by your services.
Cost of Defense Coverage
In the event that business property is loss, broken, or stolen, business property insurance can help replace your equipment. This includes inventory, computers, tools, car/trucks, and any other property pivotal to the operation of your business.
Copyright Coverage
Insures any damages as a result of copyright infringement.
What factors determine professional liability insurance costs?
Similar to product liability insurance, the cost of professional liability insurance depends on factors that include:- The Industry your Business Operates in
- Your Business Location
- Your Number of Employees and Staff
- The Amount of Coverage you Desire