Who needs Professional Liability Insurance?

Lawyers , Doctors, Architects, IT Professionals, Real Estate Brokers, Consultants, and Engineers are just a some of professions who need to be properly covered by Professional Liability Insurance.

If you’re in one of those professions and/or your business relies on your professional expertise, you’re expected to have a certain level of training in your industry or field. Your services and/or advice must meet standards set by your state, industry, and/or written client contracts and agreements.

Failure to meet these standards could result in a substantial financial loss for your client(s), resulting in a significant lawsuit. This is where Professional Liability Insurance comes into play, and why Dwyer Insurance is your go-to insurance company in Pennsylvania no matter what industry you’re in.

How does Professional Liability Insurance work? What does it cover?

Professional Liability Insurance triggers in a few different situations:

• You make a mistake that costs your client(s) money
• Undelivered results/services
• Negligent services

Work Mistakes

No matter how careful you are, making mistakes is a fact of life. After all, we’re human. If one of these work mistakes causes a financial loss for one of your clients, it could be problematic for your business.

Professional Liability would kick in, in the event one of your clients attempted to sue you as a result of your mistake.

Undelivered Results/Services

Sometimes the product/service you describe in your client contracts just doesn’t work the way it was represented to the client. Should that happen, and you get sued, Professional Liability Insurance would apply.

Example: A business consultant recommends you buy a high priced piece of equipment based on high income projections and those projections end up being way off, resulting in a financial loss for the client. That client can actually sue to make up those losses and cite their contract for support.

Negligent Services

Your expertise can sometimes be a double-edged sword. It can help you earn clients, but it can also set really high expectations.

Example:  Architects have the skill and education to design buildings that both meet client demands and comply with building codes. But let’s say an architect makes an oversight that compromises a building’s safety. The building owner can sue for negligence (the legal standard of being unreasonably careless).

Unfortunately, negligence suits can be pricey. A court may award the client damages, but it can also monetarily punish you to deter future recklessness.

What to do next

Keep in mind that Professional Liability only covers the “economic” or financial losses suffered by clients and/or third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies, which Dwyer Insurance can also help with.

If you’d like a personalized Professional Liability proposal for you and your business, Dwyer Insurance is here to guide you. Call our office today, or start your quote online in a matter of seconds.

Dwyer Insurance, Inc. provides uncompromised defense for service-based professionals against errors, omissions, and negligence claims. Our liability insurance coverage plans are robust and personalized to each client’s field of work.

Experience the peace of mind that comes with knowing you have protection from financial loss in the case of a lawsuit.

Contact our expert advisors at (610) 898-3810 to schedule a consultation.

Dwyer Insurance, Inc.’s Comprehensive Liability Insurance

Service-based professionals require more in-depth insurance than is normally found in commercial general liability plans. Professional liability insurance stands in the gap and protects professionals from claims against them regarding errors, omissions, or negligence in their performance. Even if the allegations are false, having insurance is essential to cover the legal fees that will be required to defend your reputation.

Professions Requiring Insurance

Virtually any professional that provides services or advice to clients is liable to errors, omissions, and negligence lawsuits. Some common examples of the types of professions that need insurance are:

• Financial consultants
• Medical professionals
• Lawyers
• Engineers
• Software developers
• And more

Plans with a Full Range of Liability Coverage

While our plans may differ based on your trade and industry, our policies will protect you from:

• Professional negligence
• Misrepresentation
• Loss of documents
• Libel and slander
• Inaccurate advice

Personalized Professional Insurance Consultations

Your liabilities as a professional will depend on the nature of your profession. Our insurance brokerage recognizes that every client’s needs are different. That’s why we take the time to get to know our clients during our no-obligation, one-on-one consultations.

We’ll sit down with you and ask you questions to evaluate your financial liabilities step-by-step. Then, using our state-of-the-art analytical software and our years of hands-on industry experience, we’ll put together a policy uniquely tailored to you. Our consultants are knowledgeable and personable. We’ll share with you our candid, expert advice on choosing a policy limit appropriate for your business.

From definitions, inclusions, and exclusions, we’ll make sure you have a firm understanding of your policy’s terms before you sign a contract. When you’re fully satisfied with the plan, we’ll provide you with an accurate cost breakdown.

Expert Liability Claims Assistance

We understand that dealing with a lawsuit can be a stressful experience. Thanks to our longstanding presence in the industry, we are uniquely positioned to help our clients through the claims process.

During our time in the business, we’ve helped countless clients navigate cases of all scopes and sizes. As a result, we have in-depth insight into the administrative procedures of all types of claims, so we can walk you through whatever situation you’re facing calmly and confidently.

Ultimately, we’ll advocate on your behalf to get the best possible outcome.