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Professional Liability Insurance

Professional insurance is coverage that protects you from certain liabilities that may arise out of the practice of your profession. It is a distinct and separate coverage from commercial and personal lines insurance which provides the professional a level protection for legal defense, judgments and other claims of liability asserted against you in the course of your profession.

267 Questions

What do they mean when they ask 'Eligible for professional liability insurance' in a job interview or application?

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Asked by Wiki User

When a job interview or application asks if you are eligible for professional liability insurance, they are inquiring whether you meet the criteria to be covered by such insurance. Professional liability insurance is a type of coverage that protects professionals from potential lawsuits or claims arising from errors, omissions, or negligence in their line of work. By asking this question, the employer seeks to determine if you possess the necessary qualifications or certifications to be covered under this insurance policy.

What is the difference between professional and general liability?

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Professional liability covers you for losses and expenses that can arise from the practice of your profession. Claims of loss or injury that result from negligence, incompetence, errors and or omissions on the part of the professional in carrying out the services being rendered.

General liability is more location oriented, It provides coverage for claims that may arise from your location such as slip and fall claims or other types of injury.

Answer

Professional liability policies were developed (fundamentally) to protect against claims arising out of economic loss. General Liability exists to protect against bodily injury, property damage, personal injury & adveritising injury - - all defined terms in the policy. There is no standard Professional liability policy and each should be read and explained by an experienced professional. This is a very thin answer in the broad scheme of insurance and there are sooo many factors to consider - CONTACT A SPECIALIST WHO CAN EXPLAIN THE DIFFERENCES... possibly someone with an MLIS designation.

What is the required professional liability amounts for an optometrist in Texas?

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Asked by Wiki User

There is no requirement at all.

It's up to the optometrist if he wants to be insured or not and how much coverage he or she might elect.

How can Professional Liability Insurance be purchased?

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Asked by Wiki User

Professional liability insurance comes in several forms, depending upon your profession. For example, if you are a doctor, you would want medical malpractice insurance. A lawyer would need errors and omissions insurance. There is even insurance for IT workers. You can find insurance for any type of service profession, but you may need to seek out more than one company. To save time, it is best to consult an independent insurance agent. The agent can check the rates and policies of several different companies at once, and find the best fit for you.

What is the average claim payout for liability insurance?

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Payout is dependent on the sustained losses and coverage limits of the policy the insured purchased.

There is no average.

Who is a professional liability contact at lexington Insurance Boston mass?

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Just call them up and ask them. It will depend on what type of claim you have.

Would a sleep lab need professional liability insurance?

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Asked by Wiki User

If your not administering drugs I could see no reason why a sleep lab would need professional liability.

Are you concerned you might be sued if you let someone oversleep?

Can you hold back money if a subcontractor doesnt have insurance?

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Asked by Wiki User

If the contractor has already finished the work you can not legally hold back his money. What on earth would you be holding it for anyway?

Most states in the U.S do not require a contractor to be insured so you would have no legal grounds and are subject to suit by the contractor.

If your upset that he didn't have insurance, You were supposed to check that before you hired the contractor in the first place.

Holding the contractors money after the job is completed just looks like your trying to cheat the contractor out of his pay.

If the contractor wants to, he can sue you and or place a lien on your house if you fail to pay.

What does professional liability cover?

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Asked by Wiki User

Professional Liability Insurance provides coverage if the professional makes a mistake that causes financial harm to another

The coverage invokes for claims of negligence, breach of contract, or both.

What are the components of a typical professional liability policy?

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Asked by Wiki User

Claims-made: A type of professional liability insurance policy that covers injuries/damages only if the injury occurs in the policy period and only if the claim is reported or filed to the insurance company during the policy period or during the tail.

Occurrence basis: Professional liability insurance policy that covers injuries/damages that occur during the period covered by the policy even though the claim may be reported or filed outside the policy period.

Tail coverage: An uninterrupted extension of the insurance policy period, also known as the extended reporting endorsement.

Umbrella coverage: Coverage purchased in addition to a basic liability policy that provides additional amount limits and/or adds coverage for events not covered in the basic policy.

What is professional liability errors and omission insurance?

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Professional Liability Insurance or an Errors and Omissions policy provides coverage for liabilities that may arise from the practice of your profession.

How to get malpractice insurance if you have been turned down before?

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There are many companies out there that sell Malpractice coverage.

You just have to check with another insurance company.

What is the purpose of professional liability insurance in the medical field?

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Asked by Wiki User

Professional liability of any sort is intended to afford protection for the named insured's errors or omissions while conducting the business or profession in which he/she/it is engaged.

Coverage assumes that the claim comes within the scope of the policy, that the policy is in force at the time of the claim or when the wrongful act allegedly occurred (depending upon whether it is an "occurrence" policy or a "claims made" policy), that the claim is timely reported, and that there are no other coverage defenses.

The coverage afforded is generally twofold, similar to other liability policies:

1. The payment of attorney's fees for the defense of those insured under the policy. The insurer generally has the right to select the defense attorneys and to "control the defense", including, making the decision to settle or to litigate the case. Some policies have a "consent to settle" provision which allows the insured some say in the settlement decision. In all events, the insured has an obligation to cooperate with the insurer and the attorneys in the conduct of the defense.

2. To indemnify the insured for damages for which he/she/it is found legally liable, including the payment of a settlement negotiated by the insurer. Note, though, that the terms of the policy may provide for a liability deductible, so that the insured may have to contribute toward the damages as provided.

Does the owner or contractor purchase professional liability insurance?

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Asked by Wiki User

Traditionally the contractor provides the Insurance. The owner verifies that the contractor has insurance prior to hiring that contractor.