Professional Liability Insurance

• Professional Liability Insurance

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Business owner's policy - Exclusions Optional Coverages

1 *Professional liability insurance


Liability insurance - Public liability

1 Many small businesses do not secure general or professional liability

insurance due to the high cost of premiums. However, in the event of

a claim, out-of-pocket costs for a legal defense or settlement can far

exceed premium costs. In some cases, the costs of a claim could be

enough to shut down a small business.https://store.theartofservice.com/the-professional-liability-insurance-toolkit.html

Liability insurance - Liability insurance and the technology industry

1 Professional liability insurance would generally cover such settlements and

legal defense, within policy limits.


Liability insurance - Liability insurance and the technology industry

1 Additionally, client contracts often require technology subcontractors working on-site to provide proof of general liability and professional

liability insurance.


Insurance - Types of insurance

1 Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called

professional indemnity (PI), which are discussed below under that name; and the

business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a

way analogous to how homeowners' insurance packages the coverages that a

homeowner needs.


Insurance - Liability

1 * Professional liability insurance|Errors and omissions insurance (EO)

is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third-party

administrators (TPAs) and other business professionals.


Insurance - Liability

1 * Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical

practitioners against potential negligence claims made by their patients/clients.

Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance

in reference to the medical profession may be called medical malpractice insurance.


Professional liability insurance

1 Professional liability insurance is required by law in some areas for

certain kinds of professional practice (especially medical and legal), and is

also sometimes required under contract by other businesses that are

the beneficiaries of the advice or service.


Professional liability insurance

1 Other professions that commonly purchase professional liability

insurance include accounting and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and Transport

industry|transport


Professional liability insurance - Rationale

1 Common claims that professional liability insurance covers are

negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice


Professional liability insurance - Coverage

1 Professional liability insurance policies are generally set up based on a claims-made basis, meaning that the policy only covers claims

made during the policy period


Professional liability insurance - Civil liability insurance

1 Some policies go further than the standard coverage. Professional

liability insurance coverage usually does not include defamation (libel and slander), breach of contract, breach of warranty, intellectual

property, personal injury, security, and cost of contract. Coverage can

often be added to provide indemnity for any civil liability.


Progressive Corporation - Segments

1 The Other-indemnity segment provides professional liability

insurance to community banks, principally directors, and officers

liability insurance


Medical malpractice

1 Medical professionals may obtain professional liability insurances to offset the risk and costs of lawsuits

based on medical malpractice.


Association for Consultancy and Engineering - Structure

1 Membership benefits include the quarterly magazine, Impact, use of

the members' area of the website, a listing in the Find a Consultant ACE

Directory, professional liability insurance, helpline, information services, Business networking|

networking, events, lobbying and representation.


Registered Professional Liability Underwriter

1 In the US, the 'Registered Professional Liability Underwriter (RPLU)' designation from the Professional Liability Underwriting Society

(PLUS) is considered to be the only Professional certification|professional

designation exclusively for people in the Professional liability insurance|professional liability industry. The Autodidacticism|self-

study courses provide a broad, basic overview of the professional liability disciplines. To earn

the RPLU designation, a candidate must:


Paralegal - Paralegals in Canada

1 Paralegals who provide legal services to the public must carry professional liability insurance in accordance with By-Law 6, Part II,

section 12 (1)


Employment practices liability - EPL Insurance

1 Like most kinds of professional liability insurance, EPL insurance

policies operate on a claims-made basis. This means that policyholders can only receive insurance benefits if they are covered both at the time of

the discrimination incident that triggered the claim and at the time

when the claim is filed.


Legal liability of certified public accountants

1 Even with professional liability insurance to cover such losses, occasionally the total amounts

granted to plaintiffs have surpassed the maximum amounts the insurance

can or will cover


Law Society of British Columbia - Providing liability insurance for lawyers

1 Professional liability insurance protects lawyers who are liable for negligence and ensures that clients receive compensation to which they

are entitled.


Professional indemnity insurance

1 Other professions that commonly purchase professional liability

insurance include accounting and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and Transport

industry|transport


Professional indemnity insurance - Coverage

1 Professional liability insurance policies are generally set up based on a claims-made basis, meaning that the policy only covers claims

made during the policy period


Pharmacy technician - Training and practice

1 In provinces and jurisdictions where pharmacy technician is a regulated

health profession, professional liability insurance is required in order to practice.Canadian Association of

Pharmacy Technicians. [http://www.capt.ca/Regulated_Tech.aspx Regulated Technician], accessed

13 July 2011.


Black site - New Yorker August 2007 article

1 According to Mayer's report, CIA officers have taken out professional liability insurance, fearing that they

could be criminally prosecuted if what they have already done

became public knowledge.


Civic crowdfunding - Crowd funding insurance

1 However, if there is a claim against the portal for negligence in providing

its services as a portal, the more proper insurance policy to apply to this loss is a professional liability

insurance.


LLP - Germany

1 The partners, however, are jointly and severally liable for all the

partnership's debts, except when only some partners' misconduct

caused damages to another party — and then only if professional liability

insurance is mandatory


Medical Protective - History

1 1910 - Medical Protective expands coverage to include indemnity

coverage. Medical Protective offers medical professional liability

insurance policies with limits of $5,000/$15,000 for $15 a year.


Crowdfunded - Crowdfunding insurance

1 However, if there is a claim against the portal for negligence in providing

its services as a portal, the more proper insurance policy to apply to this loss is a professional liability

insurance.


Optician

1 Opticians may work in any variety of settings such as joint practice,

hospitals, eye care centers or retail stores. However, registered opticians have to meet standards of practice

and training, commit to ongoing education, hold professional liability

insurance and are held to these standards by their respective

regulating bodies.https://store.theartofservice.com/the-professional-liability-insurance-toolkit.html

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Professional Liability Insurance