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 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:
- 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 Businesses Require Professional Liability Insurance?
Regardless of the type of business you own, Business Liability Insurance is critical for almost any business including:
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
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Zensurance has been the easiest company I’ve ever received insurance from. Simple, painless and responsive, look no further than Zensurance for your company’s insurance needs.
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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