General/Professional Liability

A professional liability insurance policy offers protection to professionals, such as physicians, lawyers, and accountants against claims of negligence by a client. Professionals in a specialized field can benefit from either a general liability policy or professional liability policy that protects them against malpractice or negligence. You may hear professional liability referred to as errors and omissions insurance or medical malpractice insurance. If you have been told that you require this type of insurance then give Salt Lake Business Insurance a call so that we can explain how this type of insurance policy benefits you and your business.
 
Understanding Professional Liability Insurance
Professional liability insurance is known by various names depending on the type of profession. If you are in the medical field then you may hear it referred to as medical malpractice insurance. It is considered a specialty policy that is not included in the homeowner’s endorsements, business-owners’ policy, or in-home business policies. It will only cover claims that are filed during the policy period. A professional liability insurance policy is usually filed on a claims-made basis, making the coverage only applicable during the claims period. There is a lot to understand a professional liability insurance policy, which we are keen to discuss with you when you contact us.
 
What Isn’t Covered by a Professional Liability Insurance Policy?
The coverage wouldn’t cover criminal prosecution or any form of legal liability under civil law. It will only cover the policy listed. If you experience a data breach, your policy may not cover cyber liability. However, the good news is that our broker can find you a policy that covers data security and other types of security-related problems that may occur. This would be a separate policy from your professional liability insurance policy. Call us to find one that will work for your business needs.
 
The Wording of a Professional Liability Policy
The wording of a professional liability policy can be rather tricky to decode, but since we are here to educate you about the insurance available to you, we can effectively decode the wording. The wording of a policy may vary based on the coverage being offered. Wording that has major legal differences can be quite confusing. We don’t want you to misinterpret the wording of a professional liability policy, which is why we recommend that you consult with one of our licensed brokers before obtaining this type of policy.
 
Choosing the Best Insurance Broker
If you feel comfortable with your insurance broker and trust them, then you’re in luck. However, if you’re not sure if your insurance broker understands your business needs, and you don’t understand what is being offered to you then perhaps you do not have the right insurance broker to advise you. Our insurance brokers at Salt Lake Business Insurance have decades of experience and they will take their time to make sure that you fully understand what is being offered to you. They answer every question that you ask to your total satisfaction.