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What Is Professional Liability And Does My Mississippi Business Need It?
Posted by US Select Insurance LLC on
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Why Professional Liability?
We live in world where lawsuits are common. Private firms are no longer immune from litigation from employees, competitors and even the government. Management or professional liability insurance is not just good business; it is as necessary as heat and lighting for your office. Statutes, federal and state laws change on a regular basis, so it is vital that your company protect its assets with management or professional liability insurance.
What is Included in Professional Liability?
Usually management liability can include Directors & Officers Insurance, Employment Practices Liability, Errors & Omissions Liability and event Cyber Liability Insurance.
Professional Liability Issues
General Liability Insurance does not cover the risks of Employment Liability, Professional Liability, and Directors and Officers Liability. You need a separate insurance policy to cover these risks.
Defense costs are going up at a rapid rate. Insurance can provide needed defense coverage, even if you are not liable.
Company owners can be held personally liable for their actions as well as the actions of other managers or executives.
General Coverage Terms – Each Carrier Will Offer different Terms
Coverage for claims brought by partners not involved in the firm’s management
Mismanagement or negligence in the day-to-day business decisions
Punitive damages coverage (where insurable by law)
Coverage for subsidiaries
Can include all employees
The best thing you can do is call our office and allow us to provide you with a risk review including coverage options. Once you have had a chance to review coverage and pricing, then you are better equipped to make an informed decision.
We are Independent Agents, free to choose the best carrier for your insurance needs. We do not work for an insurance company; we work for you. We work on your side when you have a loss and follow through to see that you get fair, prompt payment and service. Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.