MGS Insurance Protection Blog
When your source of income depends on your professional skills or the service you can provide, there are still chances of things going the wrong way, no matter how much you give the best that you can. Here is where Professional Liability Insurance comes in. This type of insurance covers lawsuits against your negligence or mistakes. This type is also known as Malpractice Insurance or Errors and Omissions Insurance.
Professional Liability Insurance: Beneficiaries
The usual people who get this type of insurance are doctors and lawyers since this is a requirement for them in most states. Other professions which can be supported by professional liability insurance are computer programmers, bookkeepers, accountants, financial advisors, engineers, interior designers, and architects.
Professional Liability Insurance: Coverage
The typical cases involved in this kind of insurance are complaints against your negligence, misrepresentation, mistakes on your output, failure to complete work, mistaken advice, and breach of good faith. Your insurance will pay for the legal costs of your defense whether or not you are the one at fault. The coverage extends to your independent contractors and your employees, too.
Professional Liability Insurance: Cost
Many factors affect the total value of your insurance policy, but on average, it can cost up to $1,700 per annum. Here are some factors to consider:
How to Prepare
Before getting professional liability insurance, make sure to do your research and ask reliable sources for advice. Our recommendation? At MGS Insurance Protection, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (561) 282-6699. You can also request a free quote by CLICKING HERE.