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 and we all make mistakes. That’s why Professional Liability Insurance can cover the costly process of facing a lawsuit from a client who alleges negligence or misleading advice.
What Does Professional Liability Cover?
There are two main types of consequences a professional error can cause: Financial loss or bodily injury.
In either case, at the end, both types translate into financial risks for you. A Professional Liability Policy can cover 3rd party compensation and legal costs associated with a lawsuit even if you are guilty or not.
What is Not Covered?
Other policies may be required in addition to Professional Liability insurance and circumstances may call for specific extra coverage.
When getting a Professional Liability insurance policy, make sure to learn about the following extra coverage as they are typically not included by default:
- Cyber liability insurance
- Business interruption insurance
- Vehicle insurance
- Contents and property insurance
- Equipment breakdown insurance
In almost all circumstances, Professional Liability Insurance does NOT cover damages or injuries resulting from intentional acts.
Who Needs Professional Liability Insurance?
The following professionals should definitely have professional liability insurance:
- Doctors*
- Dentists*
- Chiropractors*
- Physical therapists*
- Lawyers
- Accountants
- Engineers
- 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:
- Industry
- Level of experience in the industry
- Revenue
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 Businesses Require Professional Liability Insurance?
Regardless of the type of business you own, Business Liability Insurance is critical for almost any business including:
Accountants
Accounting Firm
Actuaries
Advertising
Aerial and ground based Photographers / Videographers
Alternative Energy
Architects & Engineers
Appraisers
Bookkeepers
Broadcasters
Building Designers (Bill 124)
Business Consultant
Chiropodists
Civil engineers
Collection Agencies
Consultants
Chiropractors
Design Firms
Directors and Officers
Employment Agencies/Recruiters
Engineers
Environmental Engineers
Energy Audits & Assessments
Financial Advisors
Financial Planners
Foreign Legal Consultants
Holistic Professional
Hotel Consultant
Home Inspectors
Human Resources (HR) Consultant
Immigration Consultants
Information Technology & Computer Consultants
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Independent Contractor
Product Designers
Professionals Liability
Lawyer’s Excess Professional Liability
Management Consultants
Medical Related
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Multimedia designers
Mortgage Brokers
Naturopaths
Occupational Health and Safety Consultants
Quality Control Consultants
Placement Agencies
Podiatrists
Process Servers
Private Investigators
Project Managers
Property Managers
Paralegals
Publishers and Printers
Recruitment and Employment Agency
Recruitment Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Staffing Agencies
Structural Engineers
Sub Contractor
Surveyors
Therapist Professionals
Training Providers/Trainers
Travel Agencies
Travel Agents, Tour operators
Web-Site Designers
Web Developers
Workplace Engineers & Consultants
What our customers say about us
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The Zensurance team was responsive, professional, and knowledgeable. Zensurance knew exactly what we were asking for after a few minutes on the phone. I would highly recommend them for liability insurance especially if you’re not sure what you need to protect your business.
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The Zensurance transparent customer experience helped me identify and hedge dynamic operating risks.
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