Career Shield, a subsidiary of Arthur J. Gallagher founded in 1927, provides A+ rated professional liability (or malpractice) insurance direct-to-consumer that is 100% online and the best coverage at the best price. Most police officer liability insurance policies cover claims of bodily injury, property damage, and personal injury (slander . The professional liability insurance covers financial losses due to an accident at work or a professional fault. Professional Liability Insurance Services, Inc. is a West Virginia Foreign Profit Corporation filed On May 30, 2007. Professional liability insurance, often known as errors and omissions insurance or E;O, is a kind of business insurance that financially protects you if your client holds you liable for a service you provide. Professional liability insurance protects businesses against charges of negligence or harm, based on a professional service or advice you provided. Although there are a few exceptions (e.g . We've evaluated the best professional liability insurance providers based on coverage . Medical professional liability insurance, also known as medical malpractice insurance, is a comprehensive, must-have policy that is tailor-fit for all professionals who provide healthcare services. Solution: AIG delivered a multinational professional liability program to address the client's unique overseas risks with proof of local coverage. Connect with us on social media for industry news. Professional liability insurance can help cover: Professional Indemnity insurance - also known as PI insurance - is intended to protect professionals and their businesses in the event of claims made by a client (or third party) suggesting that they have suffered loss as a result of non-performance, breach of contract and/or professional negligence in the services . Coverage for business mistakes and accusations of negligence. Save 15% on your Professional Liability insurance premium for attending an in-person or on-demand 6-hour Trust Sponsored Ethics and Risk Management Sequence Workshop and passing an exam. It is required . Police officer liability insurance is a form of professional liability insurance that covers officers, departments, and municipalities against lawsuits that arise as a result of acts, errors, and omissions while police officers are performing their professional duties.. Get a Free Quote. A doctor will pay more than a nurse for their professional liability insurance policies. Proliability, administered by Mercer Consumer, offers professional liability insurance tailored to the professions it protects. Follow Us. Professional liability insurance, also called errors and omissions, or E&O, covers professionals when the services they provide lead to financial losses for a third party. Call 800-531-8722. PROFESSIONAL LIABILITY INSURANCE. Our professional liability policy is specifically tailored to protect your livelihood and reputation because Pharmacists Mutual's mission is to help our customers attain peace of mind through specialized insurance products, risk management solutions, and superior personal service. Professional Liability Insurance from B2Z is designed for your small business! Without adequate insurance protection, your clients, your reputation, your company and even your personal assets may be at risk. This coverage includes damages and defense costs up to your policy limits, regardless of whether a mistake was made. Purpose. Professional liability insurance, also referred to as professional indemnity insurance and errors and omissions insurance (E&O), helps protect professionals who provide particular services, provide advice to clients, or are requested to have this type of coverage by their clients, from the costs and many damages of litigation that occurs as a . Professional liability insurance protects you if a client files a lawsuit over an alleged or actual mistake. Most insurance companies will modify an existing homeowner's, renter's or condo policy with a . Clients, governments, and professional . Professional Liability Insurance is different from General Liability Insurance, which covers physical losses, such as injuries to people or damage to their property. Claims typically seek compensation for financial losses rather than physical injury or damage. The professional Liability Insurance cost ranges from $500 - $1,800, on an average. If a client sues you, this policy may help pay your legal expenses. Call: (732) 383-7158. It will also help cover violations of good faith and fair dealing. Umbrella - As an insurance agent, you know that a little extra liability never hurts anyone so we highly recommend that you purchase an Umbrella, or Excess Liability, insurance policy. Professional liability insurance is a form of business liability insurance that covers your small business against claims of mistakes in professional services, even if the claim has no merit. Depending on the amount of coverage your consulting firm needs, your per-claim deductible can range from $1,000 to $25,000. Best for Freelancers: Thimble. Global protection is available with our World Wide and Career Protector plans, which expand coverage to include allegations brought . If your business gets sued, PLI can help cover your legal costs. Added as an enhancement to your Travelers BOP . Keep in mind . Make sure your business is protected. Like other types of liability insurance, professional liability normally covers both legal costs and settlement fees (up to a policy's limits) if a professional has a . Professional Liability Insurance, also known as Errors and Omissions Insurance, protects you or your business when a client holds you responsible for professional service or advice that they believe didn't perform as promised. Professional Liability Insurance provides coverage for legal fees and legal liabilities resulting from the performance of a covered employee's official duties. We offer robust risk solutions, and if the unexpected happens, our industry-leading claim services and 24/7 reporting will help you get back to business quickly. Being part of AJG ensures your coverage is 100% secure for years to come. Professional Liability a type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services. Although physicians receive the brunt of lawsuits, nurses also get sued on a regular basis. General liability insurance coverage, also called commercial general liability insurance, protects your business from third party claims for bodily injury, associated medical costs and damage to someone else's property. Specialty Professional Liability Insurance (E&O) Helps protect professional service providers against claims alleging negligence in professional services rendered to others. Professional liability insurance, referred to in a doctor's case as medical malpractice insurance, is needed when a patient files a claim against a doctor, hospital or healthcare professional due to alleged negligence or omission of care. Professional liability insurance covers claims of actual or alleged negligence that arise from providing professional services, like giving incorrect advice, an omission, or failing to deliver a service. Its purpose is straightforward. Only supervisors, management officials, and law enforcement officers are eligible to be reimbursed for Personal Liability Insurance premiums. The average cost of professional liability insurance is $65 per month or $780 per year. The standard General Liability limit of $1,000,000 per occurrence can be eaten up quickly with one lawsuit depending on the severity of the claim, and if . It can also help the employee who is a victim of rape or kidnapping. The higher the risk, the higher the remuneration. Individual professional liability insurance protects nurses in legal actions brought against them by a patient, a patient's personal representative, or the state board of nursing (SBON). Professional liability (also called errors and omissions, or E&O) insurance covers claims against your business for negligence, malpractice, errors, or omissions you made while providing a professional service. Professional Liability Insurance: Insurance that protects professionals such as accountants , lawyers and physicians against negligence and other claims initiated by their clients. For example, if you're a software developer and your new software corrupts your client's computer and destroys all of their data, they will sue you for damages. Speak with a USAA Agency commercial specialist about your coverage needs. This Order implements policy within the General Services Administration (GSA) for the reimbursement of costs incurred by covered employees for professional liability insurance (PLI), providing coverage for certain acts and omissions. Professional liability insurance pays to cover the costs of professional liability. If someone is sued because of a professional liability, this insurance would cover the legal fees and the settlement if the insured loses the trial. CM&F is one of the country's longest-standing professional liability insurance providers, with over 100,000 healthcare providers across the U.S. putting their careers in the hands of CM&F. With excellent service, innovative technology, and even better coverage, CM&F has your back with the market's best professional liability insurance for . Professional liability insurance is a form of liability insurance that protects individuals in service or advice-based positions from lawsuits against negligence claims. Nurses in all practice settings provide most of the hands-on . Most small businesses pay between $500 to $1,200 for their policies. . Professional liability insurance covers errors that you make in your business activities. For example, if an engineer makes a mistake in . Best for Comprehensive Coverage/Business Owner's Policy: The Hartford. Here are some of the professional liability-related coverages that our teacher insurance policy can cover: Professional liability insurance typically covers negligence, copyright infringement, personal injury, and more. The . The professional liability insurance is established according to the risks incurred by the employee. Professional liability insurance might be required by your industry or by law. Quick Look - Best Professional Liability Insurance. With a highly regarded reputation in the industry, experience serving a number of different fields, and refined customer service, Next Insurance is an excellent choice for small business professional liability coverage. Mistakes happen. Also known as errors and omissions (E&O) insurance, this coverage protects your company and your bottom line from customer claims of late, incomplete, or unsatisfactory work. At the last minute, the consultant realizes their client wants them to carry $10 million or $25 million in professional liability limits to begin work. Your customers can sue if they experience a financial loss due to your work or if your service wasn't delivered as promised. A professional liability insurance policy helps with common claims like negligence, misrepresentation and inaccurate advice. Many contractors and businesses have Commercial General Liability Insurance, but this type of policy only covers . For example, if a patient claims that your treatment resulted in pain or additional medical care, that . Professional liability insurance covers you for mistakes you make in the performance of your job. Professional liability insurance. Assurance Insurance Assurance insurance offers liability coverage for both NASW members and non-members, however NASW members receive a discounted rate. Our agents, risk managers, and claims professionals have the expertise to help tailor coverage to meet your needs. The company's filing status is listed as Active and its File Number is 257773. A Professional Liability policy is designed to protect your business when errors or omissions are made or alleged and can include negligence, misrepresentation or inaccurate advice. Best for Medical and Healthcare Providers: The Doctor's Company . If a mistake leads to a financial loss for your client, they can sue your business. Depending on the type of business you own, there are three different ways in which Travelers can offer professional coverage for small business owners: Automatically included with our Travelers BOP (Business Owner's Policy) - at no additional cost. As you can imagine, professional liability insurance costs vary significantly by profession. 800-375-2764. Call: (866) 956-7057. Professional liability insurance solutions with more value. These policies are designed to cover a specific type of professional liability in different fields. While these amounts give an idea of what you might pay, your premium . From medical malpractice coverage for nurses to errors and omissions coverage for business professionals, our professional liability coverage brings with it significant benefits to offer peace of mind. This policy provides liability coverage related to allegations of: Failure to deliver promised services. Professional liability insurance, also called malpractice insurance, can provide the coverage your facility needs to continue providing its services while dealing with unforeseen legal matters. We work with leading insurance companies to help cover your business if something goes wrong with the professional services you provide. This type of insurance can also be referred to as Errors and Omissions (E&O) or Malpractice Insurance. The cost of Professional Liability Insurance for consultants is dependent on how much coverage your consulting business needs. . Professional Liability Insurance Definition. Best for Freelancers and Independent Contractors: Pogo. Risks covered. Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. Best Professional Liability Insurance of 2022. 1. Part of our suite of Financial Lines solutions, our Professional Liability Insurance (also known as Professional Indemnity or PI Insurance, or Errors and Omissions insurance) provides robust and flexible protection for a variety of professionals, including architects, engineers, business consultants, estate . Any business that sells its expertise should consider professional liability insurance. The average rate was $56 per month. . To learn more about professional liability insurance, get a quote from us today. Trustpilot. Coverage is customized for a particular company's professional service (s). Professional liability insurance protects you and your business from lawsuits if you are found negligent or make a mistake. Good for: Companies seeking to protect themselves against claims for economic losses sustained . AR Insurance License #100102691 | CA Insurance License #0G39709. 2. Featured On Rated 4.8/5. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals . In NJ, Professional Liability Insurance Coverage protects your business from risk and financial loss if a client sues your business. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals, including . They look forward to helping you! It covers legal fees and pays judgments if you are sued. This means the insurance cost for the consultant goes from $1,200 annually to $75,000 annually, due to the limit of insurance requirements. The Best Professional Liability Insurance for 2022. The Registered Agent on file for this company is Corporation Service Company and is located at 209 West Washington Street, Charleston, WV 25302. Get Instant Quote. Although it covers a multitude of industries, this particular policy plays a specific role for legal professionals. Background. Product description. In addition, once you leave your employer, their coverage does not follow you which can leave you vulnerable to liability claims after you have moved on in your career. Professional negligence. Typically, Professional Liability Insurance is issued in increments of $1 million. Professional liability insurance covers defense costs, judgment, settlements and fines or penalties resulting from the allegations of . With professional liability insurance from Prime Insurance Company, teachers and instructors can experience peace of mind knowing they can be protected against claims that occur due to actual or alleged error, neglect, or omission. You should consider this coverage if you or your employees: - Visit a client's place of work, or clients visit yours. From CommercialInsurance.net. Best Overall: AIG. Professional Liability Insurance. Management and professional liability insurance is designed to protect you and your business against the potentially devastating costs of those exposures. Professional liability insurance is a specialized form of commercial insurance that's tailored to meet the unique liability risk mitigation needs that professionals have. It protects these companies from damages for mistakes in their professional services. Please contact our licensed insurance representatives at (800) 477-1200. If you're eligible, you may be . Professional Liability Insurance Options. Professional liability insurance, sometimes known as errors and omissions insurance (E&O) or professional indemnity insurance, protects your business from the risks of a lawsuit over professional mistakes or oversights. SUBJECT: Professional Liability Insurance. Claims covered by a professional liability . You strive to run your business perfectly, but mistakes can happen. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and . This Order is issued under the authority . Business mistakes and accusations of negligence can be costly without the right insurance. As a business, the commercial insurance needed is distinct from the member's professional liability insurance, under NEA's EEL insurance, that covers members who tutor students as part of the member's work for an education institution. It's also known as errors and omissions (E&O) insurance. You may be required to carry professional liability insurance depending on your profession. At Pharmacists Mutual, we are committed to providing you with the coverage you need when you need it most. Hear from professionals just like you who choose Proliability for their professional liability insurance. Professional liability insurance is commonly known as errors & omission (E&O) or malpractice insurance. Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and service-providing individuals and companies from bearing the full cost of defending against a . It can protect against negligence, errors and more. Should a lawyer's act, error, or omission cause financial loss to a third party, lawyers . Losses and lawsuits can come from any direction. For current federal employees, our Federal Employee Professional Liability Insurance plans provide you with coverage for liabilities arising out of acts, errors, and omissions that you commit as a federal employee. Clients and customers may require proof of professional liability . Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. In 2021, the median monthly cost of professional liability insurance was $42 for new Progressive customers. What Is Professional Liability Insurance? This insurance policy provides coverage for the legal costs and expenses that can arise from claims of medical malpractice. Accusations like these can lead to costly lawsuits. That's where professional liability insurance comes in. Best for Small Businesses: Next . That's why it's important to have professional liability insurance (PLI). Professional Liability Insurance New York. This normally happens when a patient has long-term or short-term effects of treatment caused by a physician . Professional liability insurance provides protection for claims from failing to meet agreed standards of service, negligence, or malpractice that can result in financial losses. It varies based upon the policy features added. . e-Newsletter. Professional liability insurance is a type of business insurance that provides coverage for professionals and businesses to protect against claims of negligence from clients or customers. Bryan Keith September 1, 2022. Professional liability insurance is essential if you provide consulting, advice, or expertise to clients. The lower median price suggests that a few expensive outliers made the average cost appear higher than what most policyholders spent. 93 Years of Insurance Experience.