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by Michael Bell on Jul 10, 2015

Why Professional Liability?

We live in world where lawsuits are common. Private firms are no longer immune from litigation from employees, competitors and even the government.  Management or professional liability insurance is not just good business; it is as necessary as heat and lighting for your office. Statutes, federal and state laws change on a regular basis, so it is vital that your company protect its assets with management or professional liability insurance.

What is Included in Professional Liability?

Usually management liability can include Directors & Officers Insurance, Employment Practices Liability, Errors & Omissions Liability and event Cyber Liability Insurance.

Professional Liability Issues

General Liability Insurance does not cover the risks of Employment Liability, Professional Liability, and Directors and Officers Liability. You need a separate insurance policy to cover these risks.

Defense costs are going up at a rapid rate. Insurance can provide needed defense coverage, even if you are not liable.

Company owners can be held personally liable for their actions as well as the actions of other managers or executives.

General Coverage Terms – Each Carrier Will Offer different Terms

Coverage for claims brought by partners not involved in the firm's management

Mismanagement or negligence in the day-to-day business decisions

Punitive damages coverage (where insurable by law)

Coverage for subsidiaries

Can include all employees

The best thing you can do is call our office and allow us to provide you with a risk review including coverage options. Once you have had a chance to review coverage and pricing, then you are better equipped to make an informed decision.

 



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