What Is Professional Liability Insurance?

When you take on a new venture, whether for your own company or one for which you've been employed as a contractor, you expose yourself to a great array of liabilities. Professional liability insurance protects your valuables from allegations of negligence. It is one approach to shield yourself from such possible risks.
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There are several things about professional liability insurance that you should know before starting a business. Continue reading to find out how you and your business are covered.

Coverage of Professional Liability Insurance
Aside from covering legal and settlement costs, professional liability insurance also can help in protecting yourself and your business against the following claims:

• Inaccuracies or inconsistencies.
• Negligence on the part of a professional or a failure to conform to practice quality.
• Contractual breach.
• Failure to timely perform a pledged service.

In contrast to other forms of liability coverage, professional liability plans typically cover disputes for lost profits rather than bodily harm or damage to property. Medical malpractice insurance, as well as coverage for architects and engineers, are exceptions to this norm.

Costs of Professional Liability Insurance
Knowing the cost of a professional liability policy depends on the following factors:

• Are lawsuits common in your sector?
• Where is your business located, and are claims common there?
• What level of coverage does your business require?
• The total number of your business employees.
• Is your business new, or does it exist for a long time?
• What kind of claims, if any, have you previously filed?

As observed on the insurance marketplace, professional liability insurance costs its users an average of $59 per month. And in 2020, consumers paying via Progressive's Advantage Business Program paid an estimated $46 per month for insurance coverage.

Conclusion
All major business insurance providers offer professional liability insurance. You can contact your insurance provider to clarify how much you need to get or your professional liability insurance.

At Black and Associates Insurance, Inc., we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (509) 464-0058 or Click Here to request a free quote. The coverage discussed in this article is not guaranteed. Please call our agents, we are happy to help you learn more about your plan and make sure you have the coverage you need.