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Professional Liability Insurance

Jacksonville, Florida

Generally speaking any professional with fiduciary responsibility to someone else or service providing professionals who need liability protection in case of negligence, should not perform their duties without adequate insurance coverage.

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Do you need professional liability insurance coverage?

This would include doctors, nurses, lawyers, dentists, therapists and other healthcare providers. Professional liability insurance is also applicable to any profession where a client is depending upon the expert advice of the provider, such as a financial advisor or tax accountant. Often these professional policies are referred to as malpractice insurance.

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Coverage Explained

Mistakes and Employment Practices Liability Insurance
Other forms of commercial liability insurance policies provide coverage for the settlement of losses due to errant or unacceptable business practices. Whether an action or lack of action arises from carelessness, mistakes or intent, several niche insurance products can offset the cost of a settlement or adjudicated lawsuit. In business cases where an owner needs defense for a claim of harassment, discrimination or wrongful termination, even when found innocent, the plan’s benefits may still be needed to pay for the legal costs of defending the suit for an alleged wrongful act. Likewise, unique errors & omissions liability coverage can protect an insured from legal claims due to errors or mistakes, whether the charges are real or alleged.
FAQ

Frequently asked questions

What types of business insurance do I need?
The types of business insurance you need depend on various factors such as your industry, business size, location, and the specific risks your business faces. Common types of business insurance include General Liability Insurance (protects against third-party injury or property damage claims), Professional Liability Insurance (also known as Errors and Omissions Insurance, protects against claims of negligence or failing to perform your professional duties), Property Insurance (covers physical assets against fire, theft, and other perils), and Workers’ Compensation Insurance (covers employees in case of work-related injuries or illnesses). Assessing your business’s specific needs can help determine the right mix of policies.
How much does business insurance cost?

The cost of business insurance varies widely based on factors such as the type of business, the industry it operates in, coverage needs, the number of employees, and the business location. For example, a small home-based business might pay significantly less for insurance than a manufacturing company with multiple employees and high liability risks. To get an accurate estimate, it’s best to obtain quotes from multiple insurance providers, detailing your business’s specific needs and risks.

Can I change my business insurance policy once it's in place?

Yes, you can change your business insurance policy. It’s important to review your coverage regularly, especially as your business grows or changes, to ensure that you remain adequately protected. You might need to increase your coverage, add new policies, or adjust existing ones due to changes in your business operations, expansion into new areas, or the acquisition of new assets. Contact your insurance provider to discuss any needed adjustments; they can guide you on the process and any potential impact on your premiums.

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