Professional Liability Insurance
Having Professional Liability Insurance can cover financial costs in case of accidental errors or alleged negligence.
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What is Professional Liability Insurance?
Professional Liability Insurance (aka Malpractice Insurance or Errors & Omissions Insurance), is an insurance type that protects a business owner, healthcare practitioner or consultant in case a professional error is made.
Nobody is perfect, we all make mistakes and professional liability coverage can cover the costly process of facing a lawsuit from a client who alleges negligence or misleading advice.
Who needs Professional Liability Insurance?
The following professionals should definitely have a policy in place:
- Physical therapists*
- Financial advisors
*Medical malpractice insurance policy
What is the cost of Professional Liability Insurance?
The cost of a professional liability policy varies according to factors such as:
- Level of experience in the industry
It also depends on the nature of your work and the size of your particular business, but generally speaking, here is a breakdown of costs:
- Consultants start at $400
- Engineers pay around $1000
- Software developers start at $500
- Photographers start at $300
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Which professions require Professional Liability Insurance?
Regardless of the type of professional services business you run, professional liability insurance is critical:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Directors and Officers
Energy Audits & Assessments
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Lawyer’s Excess Professional Liability
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Occupational Health and Safety Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agency
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Workplace Engineers & Consultants
Common scenarios where Professional Liability Insurance is useful
An advertising agency creates an ad for its client and the client’s competitor sues for libel. The client then files a lawsuit against the advertising agency.
Administrative errors by an accountant affect his client’s financial documents for the fiscal year and the client decides to sue.
A management consultant’s advice causes his client to land into legal trouble, and the client decides to sue.
Frequently Asked Questions about Professional Liability Insurance
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