For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
Professional liability insurance, also referred to as Professional Indemnity Insurance, PI Insurance, or PII insurance, and more commonly known in the US as E&O Insurance, aka Errors and Omissions Insurance,is a form of business insurance designed to protect professionals against any claims - both alleged and actual - of that professional’s negligence involving a client.
In layman’s terms, professional liability insurance indemnifies professionals from any errors in judgment they make within their field. Things like missed deadlines, failed deliveries, budget overruns, or incomplete work are all things that happen to businesses.
But who covers the costs?
Unless your business has professional liability insurance, the answer to this question isyou.
In an unpredictable world where human error is almost impossible to escape, professionals from every field should invest in a solid professional liability insurance plan.
By having a reliable professional liability insurance plan aside from public liability or general liability insurance, professionals can focus better on their careers and rest assured that their backs are covered when they need it most.
Also read: Excess Liability Insurance Coverage: Quotes from $11
A Closer Look at Professional Liability Insurance
This form of insurance is about so much more than human error. Today’s professionals have so many different liabilities to consider, many of which would never even have been concerning up until the past decade.
Consider the following threats to any given career in 2021:
Cybersecurity threats such as malware or phishing
The global COVID-19 pandemic
Identity theft
Threats such as these never used to be a problem. But today, professionals in almost every field can feel the weight of their potential for career damage. In addition to these recently evolved threats to professional careers, here are some other common reasons to get insurance:
Political instability
Organized crime
Public image or reputational crisis
Constantly legal and regulatory shifts
A typical professional liability insurance policy is set up on a claims-made basis, implying that the plan generally only covers incidents occurring within the policy period. In other words, professionals will only receive cover for claims made during the active period of their plan, and not before or after.
Making plans to protect yourself in the event of a medical crisis or natural disaster is considered standard. But not enough people consider the damages that may ensue from business matters that lie outside of an individual’s hands.
In 2021, investing in professional liability insurance should form a part of any business’s risk adjustment and management strategy.
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How Professional Liability Insurance Can Improve Your Career
When you know that your professional status is safe regardless of the chaos that goes on around you, more time and energy can be invested into focusing on what’s important: your career.
No matter what industry or field you work in, chances are you’ve worked very hard to get where you are now. Choosing not to have a backup plan to support it could be the demise of your position.
On top of all the regular issues facing businesses in today’s world, the COVID-19 pandemic has proved to everyone that our systems are more fragile than we think. Investing in a professional liability insurance plan is a future-oriented decision.
Regardless of where your career is headed, the future is irrevocably a part of it. Preparing for the worst is one way to focus on being the best at your job.
Here are some ways a professional liability insurance plan can improve your career:
Once you’ve climbed your way up to a solid position in your field, what could be more important than putting 100% of your time, energy, and focus into the pursuit of your professional goals?
Concentrating on career growth is always tough when there are a million and one things to do. But with a great professional liability insurance plan in place, you can prioritize your future goals and take the right steps towards achieving them.
Lawsuits can be extremely expensive when you don’t have legal backup. Having a professional liability insurance plan will mean that you never have to pay for a lawsuit out of your own pocket. Instead, you can use that money to grow and develop your business.
2021 proved an exceptionally expensive year for US lawsuits, totaling $23.71 billion this year alone. This figure is significantly higher than in previous years. Clearly, this is not an area of business that any US professionals can afford to dismiss.
Having the right protocols and plans in place demonstrates a level of professionalism in the workplace. When businesses or business figures carry professional liability insurance, it sends a message of preparedness, thoroughness, and efficiency to both clients and competitors.
Clients often seek out engagement with businesses and professionals that have a reputation for excellence and consistency. One way to maintain that status of quality is to set up a professional insurance plan. In fact, it can mean the difference between gaining or losing a new client.
On top of all the business benefits you can receive from investing in professional liability insurance, there are mental and emotional advantages too. Having the right insurance has proven to make people less anxious, and business insurance is no different.
The peace of mind that comes with knowing any disaster can be smoothly averted can help to reduce stress. Helping professionals tackle their careers with more confidence.
Put a Sharper FocusonYour CareerwithProfessional Liability Insurance
At the end of the day, having business insurance is non-negotiable, and professional liability insurance can help you further your business. All while allowing for an optimal amount of time and focus to be placed on your personal career.
Professional liability insurance offers businessmen and women the opportunity to receive expansive coverage for liabilities that other forms of insurance simply cannot reach. With the right plan in place, you can put your worries aside and direct all your energy into your work.
Knowing which insurance plans to go with can be difficult if you lack previous experience or knowledge, which is why Insuranks has developed a system for easy identification, comparison, and selection of insurance plans for every area of life.
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Terrible customer service. I got this insurance for my Amazon store when I ran one, took a break and cancelled all my subscriptions. I called these guys and they recommended sending an email. They never responded and have been charging me since then. Definitely going to dispute via the bank. Hate when businesses take advantage of other small businesses for their own gain.
I purchased a year long policy for my small business I paid for the year up front. First they sent me the incorrect paperwork and acted as if I had something to do with the mistake. About three weeks later I received a bill for the policy. I then sent countless email as the payment did clear my account. About a week later I'm told they have no record of my payment. Now I have to send any documents proving I said then. It went on for weeks. More requests of proof from this person then another. Every conversation had an under lying tone of me being dishonest. Finally I just gave up with them and filed a despite with my bank which took all of three days.. So now I'm continuing to receive emails that my policy is past due and will be cancelled. Funny, I was told I didn't have a policy because they couldn't locate it.
Purchased the General Liability policy I needed to fulfill a contract for my hiring party. Simply Business made it very easy to complete an application and review multiple quote options. Ended up purchasing a policy for 1/2 of what I originally was told by my agent.
I insured my small business with them from early 2016 to January 2022. I had a workman's compensation policy with them the entire time for my staff of approximately 10 people which fluctuated up and down minimally over the years. We ran a very safe operation and never had so much as one claim. I sold my business in early 2022 and cancelled my policy which triggered a final audit of $2871.00 which was owed back to me. Of course I dissolved my LLC immediately after selling the business and thus closed my bank checking account at the advise of my accountant. Though my name was on the business policy, Employers Preferred Insurance Company refused to issue a check to me directly as the policy holder due to...you guessed it, policy. Long story short, if you sell your business keep a small amount deposited in the checking account because it's almost a guarantee that companies such as Employers will use their policy to weasel their way out of money owed after the dissolution of a business. I should have known that I would be treated a just another number shortly after I signed with them as the sales agent just disappeared after I was set up for an online account to manage my policy. My next business venture will entail me working with an actual insurance agent who has an office in an actual brick and mortar building!
Long term insurance claim denied for my mother after 31 years of paying. Please never give this company a dime. You will not get your money back!