Call Us: FSB  |  Claiborne & Taylor ☰ ˟
Logo
Claiborne & Taylor Insurance
Claiborne & Taylor Insurance
  • HOME
  • ABOUT US
    • About UsImage of right arrow
      • Employee Directory
    • Testimonials
    • Locations
    • Privacy Policy
  • OUR BLOG
  • INSURANCE PRODUCTS
    • Athletic Facilities
    • Auto
    • Breweries/Wineries
    • Business & Commercial
    • Cannabis
    • Church
    • Community Associations
    • Construction
    • Franchise Groups
    • Homeowners
    • Hospitality
    • Law Firms
    • Manufacturing
    • Nonprofits/Faith-Based
    • Real Estate
    • Renewable Energy
    • Restaurant
    • Retail
    • Transportation
  • CLIENT SERVICES
    • Request A Quote
    • Claim ManagementImage of right arrow
      • Submit A Claim to your Agent
      • Report A Claim to Company
  • CONTACT US
Auto and Home Icon

Personal

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Commercial

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Employee Benefits

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV and Boat Icon

Surety

We browse through a wide variety of coverages and find the right one for you.

Learn More
Annuities Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Who Is Required to Carry Professional Liability Insurance?
FRIDAY, SEPTEMBER 24, 2021

Who Is Required to Carry Professional Liability Insurance?

Professional liability insurance can help protect your business if the work or advice you provide results in client losses and subsequent professional negligence lawsuits. This type of policy may apply to professional mistakes ranging from incorrect advice, breach of duty, incomplete work, missed deadlines, misrepresentation and even wrongful acts. Read on to learn more about this coverage and who needs it. 

Professional Liability Insurance Explained insurance policy paperwork
Professional liability insurance has many names, based on your location and industry. In the United States, this insurance is commonly known as errors & omissions (E&O) coverage. In the medical field, it’s known as medical malpractice insurance. In any case, professional liability insurance is a key form of coverage for any business that provides expert advice or services to their clients. This coverage is more prevalent within certain industries.  

Professionals that are likely to need professional liability insurance include the following: 

  • Accountants 

  • Architects 

  • Consultants 

  • Engineers 

  • Insurance professionals 

  • Medical professionals 

  • Real estate professionals

 

When Is Professional Liability Insurance Required? 
Both businesses and individuals may carry professional liability insurance, although it isn’t always required. While professional liability insurance isn’t typically required by any state or federal law, you may be required to carry this insurance in order to obtain certain license or work on projects. If you are a contractor, for example, an entity that hires you for a job may require you to carry professional liability insurance. This protects them in case you do not finish the job or make a mistake that costs them money. Professional liability insurance also protects you from expenses related to a lawsuit—such as defense costs, settlement expenses and court fees, among others. 

The Cost of Coverage 
The cost of professional liability insurance varies depending on several different factors—including your location, profession or industry, coverage limits, claims history and credit score. If you or your business has a history of claims regarding liability, you could pay more for professional liability insurance.  

Be sure to speak with an insurance agent if you have any questions about professional liability coverage and whether you or your business needs it. 

Posted 4:48 PM

Tags: professional liability insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • insurance(16)
  • coverage(12)
  • policy(7)
  • commercial(7)
  • business(6)
  • liability(4)
  • auto(3)
  • employee(2)
  • owners(2)
  • homeowners(2)
  • benefits(2)
  • bop(2)
  • cyber(2)
  • car(2)
  • workers(2)
  • compensation(2)
  • personal liability insurance(1)
  • requirements(1)
  • property insurance(1)
  • auto insurance(1)
  • disaster(1)
  • life(1)
  • accident(1)
  • classic(1)
  • laibility(1)
  • vehicles(1)
  • whole(1)
  • terms(1)
  • secuity(1)
  • group(1)
  • damage(1)
  • builders(1)
  • general(1)
  • business owners policy(1)
  • non-profit(1)
  • risk(1)
  • online(1)
  • vintage(1)
  • personal umbrella liability insurance(1)
  • professional(1)
  • natural(1)
  • retirement(1)
  • flood(1)
  • health(1)
  • classic car insurance(1)
  • professional liability insurance(1)
  • commercial auto insurance(1)
  • commercial general liability(1)
  • home(1)

View Mobile Version

Contact Us Today!
(731) 668-9312

Social Social Social Social

Resources

  • Products
  • About Us
  • Report a Claim
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

P: (731) 668-9312 | Fx: (888) 415-6423

Jackson Office

460 Oil Well Road
Jackson, TN 38305

P: (731) 668-9312

Murfreesboro Office

319 West McKnight Drive
Murfreesboro, TN 37129

P: (615) 893-5064

McKenzie Office

15715 Highland Drive
McKenzie, TN 38201

P: (731) 352-2424

Humboldt Office

1411 Main Street
Humboldt, TN 38343

P: (731) 784-6666

Martin Office

255 Lindell Street
Martin, TN 38237

P: (731) 587-4213

Columbia Office

1040 N James Campbell Blvd, Suite 105
Columbia, TN 38401

P: (931) 388-54007
© Copyright. All rights reserved. | Powered by Insurance Website Builder