Professional liability insurance can provide financial protection if you or your business are accused of professional mistakes or negligence. It is an essential aspect of risk management for any business that works closely with customers or clients. Contact Atlantic International Company of Georgia to learn more about professional liability coverage.
How Does Professional Liability Insurance Work?
Professional liability insurance is a business insurance that can help cover your settlement costs and legal fees if you’re accused of making professional errors. Depending on the industry, it may be called malpractice insurance or errors and omissions insurance.
If your business is sued, you can file a claim with your insurance company. Your insurance company approves or denies your claim per your policy agreement. If your claim is approved, your insurer helps pay for covered expenses up to your policy limits.
How Do I File a Professional Liability Insurance Claim?
The process may vary with your insurer; however, you may want to consider the following guidance for navigating the professional liability insurance claims process:
- Contact your insurance company immediately. If you’re about to be sued, you may be informed by your client, their lawyer or a regulatory agent. Contact your insurance agent if a client sends you a threatening email or demand letter, or asks for your professional liability policy information.
- Organize relevant documentation. Your insurance provider will likely require documentation of your relationship with the client or customer. The following are examples of the documents you should be prepared to provide:
- Emails and other written correspondence
- Contracts and service agreements
- Fee information
- Change orders
- Scope of work documents
- Invoices or bills
- Assist your insurance provider. Your insurance policy may require you to work with your insurance company and its attorney. For example, you may be asked to search for information, attend depositions and answer questions related to the claim.
Make sure your business is in the right hands. Contact Atlantic International Company of Georgia to learn more about our coverage solutions.
What Does Professional Liability Insurance Cover?
Individual policies may vary, but here are some common professional liability claims that may be covered:
- Errors or omissions
- Failure to meet a standard of care
- Professional negligence
- Breach of contract
- Failure to deliver a service on time
Industry requirements may vary. Contact Atlantic International Company of Georgia to learn if professional liability insurance is required for your business.
Get Professional Liability Insurance
The agents at Atlantic International Company of Georgia can help you get started. Contact us for a free professional liability insurance quote and to speak to an insurance agent today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.