looking for low cost professional liability
Today with the growing malpractices and
increasing competitiveness in all the professions there is a
need for professional liability insurance. This demands special
attention due to the unique nature of the coverage that it
provides. It is also known as errors and omissions E&O
insurance. Professional liability insurance
cost greatly depends on the profession you are in.
Usually medical practitioners, lawyers, IT consultants have to
pay more premium on this insurance as compared to others. The
premium can range from one to two percent of a firm’s revenue
or even more. This type of policy is usually purchased
independently of general liability insurance.
affecting the cost of professional liability
The most important factors that affect the
cost of this insurance are the field of profession, business
size, deductible, and income and amount coverage. One must give
out complete detail of their business including the size of the
business, professional income, types of risk involved, and all
the information about your eligibility. Depending on all these
factors the insurance company will offer you policy coverage
that will protect you and your business from great financial
impact when any client files a case against you. The insurance
premium for the medical practitioner is maximum but they too
vary according to the specialty of the practitioner. The
premium for emergency physicians has grown by 50%. There are
some who pay more than $100,000 annually and Neurosurgeons,
obstetrics and gynecologists pay 200,000 and 300,000 annually.
So depending on the risk of your profession and the
complications involved the premium varies.
Where to look for most affordable
professional liability insurance company?
To get the best deal ask quotes for the same
policy from different companies and compare them. This will
help you to decide which professional liability insurance
cost is most affordable to you. You can search for these
companies on internet or look out in your local yellow pages.
You can also ask a friend or a relative who has similar
coverage and get feedback on the company they are insured with.
Scout out some time to find out the right insurance company
that offers fast and fair services. An insurance policy is much
more than a piece of paper. They should be able to provide you
timely coverage analysis, prompt assignments to defense
counsel, should be able to defend the baseless claims
aggressively and should pay the claims fairly. The cost you pay
for professional liability insurance
is worth as it makes you stress free and you and your business
is saved from bankruptcy incase if there is any case filed by
Your professional liability insurance
cost varies depending on what you are buying like claims
made policy or occurrence policy. In occurrence policy you can
cover the claim even after many months or years after the
occurrence of the incident. While the claim made policy
provides coverage only during the prescribed policy period.
This type of insurance policy is more common than the prior as
their premiums are generally lower. So depending upon your need
and budget opt for a policy that will be best suited to you.
The cost you pay for this premium is worth in the long run
during any lawsuit. In case of lawsuit you end up paying much
more of legal fees and claim settlements.