Professional liability insurance is commonly known as errors and omissions. It is a special type of coverage that protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part or because you failed to perform some service. Acadia-Pro specializes in helping defend the healthcare industry from malpractice claims. Common claims that professional liability insurance covers are negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. Below we have come up with a list of 4 things you may want to know about professional liability insurance
Professional Liability Insurance will not apply to criminal prosecution
If the lawsuit turns into a criminal investigation, professional liability insurance will not apply. Professional liability insurance applies only to civil suits. It will also not cover cyber liability so if it is a technology issue, professional liability insurance will not cover the suit.
Professional liability will only work with an active policy
Professional liability insurance operates under two conditions:
- Have coverage at the time of the claim’s filing.
- Have active coverage during the time of the incident as well.
Professional liability insurance is used in many industries
Although Acadia Pro specializes in the healthcare industry, processional liability is used in a number of different industries including:
- Financial Advisers
- Real Estate
Professional Liability is not a one size fits all
Professional liability is customized to the needs of an individual. A surgeon will need a much larger professional liability insurance policy than a dental assistant. The professional’s responsibilities and services is the number one factor to how big the policy should be.
Contact Acadia Pro if you want to learn more about professional liability insurance by giving us a call at 862-325-5900.