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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.
138 Questions
What is professional liability insurance in the medical profession?
With so many lawsuits so often, doctors must hire lawyers and purchase insurance. If they did not, one verdict could wipe them out. They purchase professional liability insurance. When the doctor faces a lawsuit, the insurance company provides the lawyer and if there is an unfavorable verdict, the insurance company pays.
The doctor pays for this service in advance. 10 to 20% of what you pay to see a doctor can go for his liability insurance.
What is one way that a health care professional can protect herself from liability?
1. Risk Transference. - Buy An Insurance Policy
2. Risk Avoidance - Do not provide the care or service, or train to lessen the risk
3. Risk Retention. - Go Bare, accept the risk and associated losses
4. Risk Sharing - Share the risk with a pool of like professionals.
5. Any combination of the above.
Most will use a multi pronged approach that incorporates a bit of each. Transference through purchase of an insuring instrument, along with standards and practices training to enhance avoidance of a loss as well as participation in risk sharing cooperatives with similarly licensed professionals.
How could health care professional protect there self from liability?
1. Risk Transference. - Buy An Insurance Policy
2. Risk Avoidance - Do not provide the care or service
3. Risk Retention. - Go Bare, accept the risk and associated losses
4. Risk Sharing - Share the risk with a pool of like professionals.
Insured vs Insured Professional Liability?
The insured and the insured professional are one and the same.
Who is covered in Professional Liability Insurance?
The practicing professional or organization is generally the named insured.
The coverage provides for legal defense and or mediation costs of the insured as well as liabilities and judgements for losses of a client that arise from the conduct of the defined profession, up to the specified limits.
What is the difference between Errors and Omissions Insurance and Professional Liability?
They are one and the same thing.
The term "Malpractice Insurance" to describe a professional liability insurance policy is most often used in the medical professions and sometimes legal professions.
You need a commercial general liability policy.
Are accountants required to maintain professional liability insurance?
It is not a requirement but having a good professional liability insurance policy in place will give you more credibility in your industry.
If you are an accountant in the employ of another then you should not have a need for a professional liability policy.
If you work as a self employed or a contractor you should carry coverage. Many companies will require you show them your insurance before they will grant you contract work.
Are attorney require to carry errors and omissions insurance?
The only state in which attorneys are required to carry errors & omissions insurance (more commonly referred to as professional liability or legal malpractice insurance) is Oregon.
Several other states have begun to mandate that attorneys must inform clients about whether or not they carry insurance. A few other states require insurance, but only when an attorney or firm is practicing within some sort of limited liability structure, such as a professional corporation, LLP, or LLC.
What profession use professional liability insurance?
This is a broad question and i will give you some examples lawyers, doctors, business consultants,accountants,architect,engeeners, design professionals,insurance agens and brokers, contractors,nurses,computer tech,technology consulatants,commercial plumber,commercial electricians,beauty shops,hair designers,fiancial planers and consultants.......and the list go on and on
How much professional liability insurance does a hospital need?
The annual aggregate exposure of the facility would dictate the amount of coverage required. Most facilities can make due with a few million up to 10 or 20 million dollars per claim coverage.
But bear in mind that a large facility could potentially have many malpractice claims pending at any one time. So an annual aggregate limit should be much higher perhaps in the range of 50 to 100 million per year.
AnswerI would think in the many millions to billions area. Contact an agent they will be able to assist you with the amount needed.