Professional Liability
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Product Summary
A Professional Liability Insurance Policy is specialized for each of the professionals. The policies are written on a Claims Made Basis and often will have a deductible/retention. These policies will have, in addition to the "Policy Period" a "Retroactive Date"
Example of Professional: Lawyers, Accountants/CPA, Consultants
What's Covered?
The coverage protects your firm for damages arising out of the firm's profession for acts, errors or omissions when performing these duties for another party. Always make sure that your professional liability policy applies to your employees within your firm's profession, as well as to you.
What Isn't Covered?
The Professional Liability insurance is not designed to cover Workers Compensation, General Liability or any employees that fall outside the profession of the Firm. There are specific policies that are designed to better cover the general liability, products liability and workers compensation exposures.
What Affects the Cost of the Policy?
How to save money on your policy
The Insurer uses a rating formula to determine the annual premium. Example: The lawyer will be rated on the number of attorneys/area of practice and the Consultant, Accountant/CPA will be rated on the annual gross receipts/area of practice. In addition, the rate will be charged accordingly for the Retroactive Date. If prior acts coverage applies, proof will need to be provided to the insurer that "no coverage has been interrupted" on an active policy with your current insurer. This proof is provided by way of a copy of your declaration page.