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Information on professional liability insurance company

Today all the professions are becoming highly commercial and any kind of business is likely to be charged for malpractices. So if you wish to protect yourself and your business against lawsuit it recommended having liability insurance. For many choosing a professional liability insurance company can be an extremely difficult task. Often insurance companies sell this insurance to professionals like doctors, lawyers, architects, engineers and other professionals. They provide coverage to them from lawsuits relating to their professions. Depending on the type of the business you have these carriers will be able to issue a right policy that will be like your safety net.

What to look for while selecting a professional liability insurance company:

  • It is recommended that you should seek this insurance from the company with whom you currently have some insurance with. This helps you to have significant savings on your new policy as you have multiple policies with the same insurer.
  • Some companies are endorsed and if you they offer discounts to some specific business and profession. So if you are a member to any such trade association or specific profession than you may be able to receive a discount on professional liability insurance.
  • Request for a deductible as this not only shows that you are willing to pay certain amount of the loss payment but it also makes you more likely to save money on insurance premium. Most of the liability insurance companies will be willing to offer this.
  • To get the best deal it is important that you obtain quotes from atleast three different companies. Provide exact same information to each company and request same policy limits. This will help you to compare and get the best quote.
  • It is best in the interest of the professional to inform the insurance company if they are considering of doing something new or different. This can be launching of either a new product or a service. This helps the insurance carrier to advice you if there will be any additional premium. If you fail to mention this information it may limit your overall coverage.


professional liability insurance company

The professionals buying professional liability insurance is insured and the insurance company helps to settle the claim against the insured outside the court. This insurance protects against malpractice, negligence and many other similar issues. If any clients or patients file a lawsuit against the insured the claim is covered only after the insurance company determines whether the liability insurance covers the claim. Only after the claim is covered they will pay the lawyer to defend the insured against the lawsuit. They will respond to the lawsuit and will provide all the necessary help and advice to the insured so as to authorize the case for settlement out of the court. They are also liable to pay the insured up to an amount specified in the insurance contract. If the insurance company fails to indemnify the insured as per the insurance agreement will be in breach of contract.

The coverage that the professional liability insurance companies depend on many factors like the perceived risk of your business, the state in which you and your business operate, your revenues, number of people working in your organization and the limits and deductibles you choose. For a standard policy the premium charged by these companies range from $1000 to $1450 that covers the insured for $1, 00,000 claims. The company you choose should be financially stable and should be reputed in the insurance industry.