Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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professional liability insurance

If someone asks the question, “Who needs professional liability insurance?”, the surface answer might be, “Doctors, Lawyers, Accountants, or people in like professions”.

The definition of a professional has become broader in recent years. It now includes people with special skill or experience that is marketable to the public. Online sources offer these professionals the opportunity to compare rates and choose the policy that meets their needs.

Many professional liability insurance policies are specific to the profession.

Find the right professional liability policy for your situation by comparing insurance rates among all the top insurance companies. Enter your zip code to begin!

Is Professional Liability Insurance Necessary?

General liability policies will cover damages to the insured, bodily injury and property damage where the insured is responsible, and medical expenses. The policy issued as a general liability policy may have a professional services exclusion. Be aware of all the provisions of each business insurance policy. Injuries to customers may not always be covered under a general liability policy. They may not always be bodily injury or property damage either. Searching online will help determine if a policy covers the incidents you need.

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What Do Professional Associations Teach?

Many professional associations have taken on the task of teaching their colleagues about professional liability insurance that will specifically cover their occupation. This is true of such organizations as the American Association of Educators. Educators, whether in the classroom or in management, work with students every day and need protection against claims of wrongdoing.

What Additional Risks May Need to be Covered?

Technology has become a mainstay in many fields as their profession becomes more complicated. Covering a breach of security is important as a part of their professional liability insurance. Software and the product it produces may need to be covered by professional liability insurance, especially if it is a purchased product.

Interaction on a web site may result in a breach of security also. It may also be necessary to purchase a cyber liability policy if your professional liability policy does not cover these terms.

What About Malpractice Professional Liability Insurance?

malpractice professional liability insurance

Professional liability insurance to any professional in the medical field is more complex and requires that it be specific to the type of work or specialty of the insured. Hospitals sometimes have blanket policies that cover boththe hospital and any physician practicing in it. Most states require a physician to have professional liability insurance, but in some states a physician may choose to practice without it.

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What Are Some Professions Needing Professional Liability Insurance?

Below is a list of common professions that would be wise to add professional liability insurance to their insurance policy:

Teachers

Everyday interaction with students, faculty and management makes it critical for a teacher to be covered by professional liability insurance. Online comparisons will aid in finding the right policy for a teacher.

Contractors

Not only do contractors work daily with hazardous material and equipment, but anyone can make a mistake at times. When that happens in the construction business, it may lead to costly repairs and the need to redo their work. Working with many different trade organizations can also add to the complexity of their job. Professional liability insurance may slightly decrease their profit margin, but is highly necessary.

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Nurses

As the profession increases in complexity, the need for professional liability insurance also increases in the nursing field. Patients do not always see the doctor or the hospital as responsible for their care. They recognize that nurses do a lot of the care. When they are not happy with their nursing care, the nurse needs to have professional liability insurance to cover any claims.

Physicians

Physicians cannot always foresee what will occur with any particular patient. Claims have increased in some states so that they are listed as critical in the medical profession.

Lawyers

Even when a lawyer is consulted about a problem and does not bring that problem to court, they need professional liability insurance to cover any unforeseen misinterpretation of their advice. Some areas of practice are higher-risk areas and may require higher levels of legal malpractice insurance.

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Accountants

Just ask someone how much they earn annually and you will find out how touchy people are about money. Professional liability insurance or errors-and-omissions insurance is essential for a person who is an accountant working with the public.

Consultants

Insuring a person against any error resulting from advice that harms a person in any way is essential to this profession. Often this professional is brought in as an expert to resolve a situation that management cannot handle properly. Professional liability insurance is necessary as a shield against any error in judgment.

Counselors

Whether this professional is in an educational environment or in private practice, professional liability insurance is a necessity. By definition, counselors are people someone turns to for advice and direction. Any unforeseen error may lead to a claim.

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IT Personnel

When IT personnel are working as subcontractors and a system fails, the organization they are supporting may be at risk. Professional liability insurance may keep them solvent if a claim is made.

Web Designers and Software Engineers

Online security is such a potential problem in the current online world that professional liability insurance is a necessary purchase for any web designer or software engineer.

Stock Brokers

Stocks carry more risk than investments protected by the FDIC. When a stock broker is consulted about a particular stock, there is no guarantee that the advice will result in a profit or a loss to the customer. Professional liability insurance is necessary to protect any errors in advice.

This list is just meant to point out the diversity of professions who need to be covered with professional liability insurance.

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Comparing Policies and Rates

An online comparison of insurance companies will allow you to see the difference in rates for the same coverage. Insurance companies determine their rates in many different ways. You may be living in an area that has experienced many claims and see that the rates for the insurance you need have gone up from last year’s quotes. Setting the rates is not an exact science, but it does have a lot to do with experience and history. Comparing coverage and rates online is the best way to save money.

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