Professional liability
Professional liability provides coverage for specialists in various professional fields.
Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional liability insurance is purchased by individuals who hold themselves out to the general public as having greater than average expertise in particular areas.
Some of the businesses that are eligible for Professional Liability are listed below.
| Lawyers | Engineers & Other Designers | Pharmacists |
| Accountants | Architects | Dentists |
| Real Estate Agents & Brokers | Medical Doctors | Directors & Officers |
| IT Professionals | Hospitals & Clinics | Personal Trainers |
This list goes on. Anyone engaged in a profession is subject to certain professional exposures and is a good candidate for professional liability insurance.
Professional liability coverage protects the insured against loss from a claim of alleged negligent acts and errors or omissions in the performance of his professional services. This might include claims of nonperformance, negligent oversell, fraud, or breach of contract. Professional liability insurance coverage’s generally include the following key features:
| Legal defense cost, no matter what the allegations. | Personal injury. Personal injury protects the insured against claims of libel, slander, and invasion of privacy. |
| Coverage extending to W2 employees and 1099 subcontractors. | Advertising injury. Advertising injury protects the insured against claims of libel or slander, misappropriation of advertising ideas or style of doing business, and infringement of advertising copyright, title, or slogan. |
| Optional coverage for allegations of copyright infringement and intellectual property infringement. Intellectual property infringement coverage protects the insured against claims alleging patent or copyright infringement. Software, systems, or processes are some of the most commonly known types of intellectual properties. | Professional liability insurance pays for any resulting judgments against the insured, including court costs up to the coverage limits. |
In the United States, court awards have risen sharply in recent years. Increasingly, people are showing a willingness to turn to the Courts when they believe that goods or services they receive are substandard. The unfortunate fact is, even if one is not at fault, defending oneself in court is a costly business. It is a threat to financial security.
Most liability policies do not respond to suits involving professional services. Nor do they cover any legal disputes involving pure financial losses. Professional liability insurance complements Commercial General Liability coverage. It fills in dangerous gaps.
Lawsuits can affect any profession. A simple error or omission can result in exorbitant claims over defective design, improper appraisal, improper treatment, inaccurate advice, inaccurate information provided, and even typographical errors.
Protect yourself & your business with the right coverage. Let us at DurAmerica Brokerage provide the right coverage at the right price. Click here to fill out a quick quote and provide yourself with piece of mind for your business.