Commercial Insurance In Florida
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Professional Liability Insurance Choices for Small Businesses
If you've been in the market for business insurance lately you already know that there are a full range of options. The world of insurance is constantly changing and can be difficult to understand and navigate. One of ...
read moreDoes a sole proprietor need Professional Liability Insurance?
There are many benefits to working as a sole proprietor. Establishing your business is often simple, as there's just one person you need to worry about (yourself!). You also have the flexibility of being your own boss ...
read more5 Questions Professionals Should Ask About Professional Liability Insurance
Every small business faces a variety of risks that insurance can typically help address. For business professionals, a Professional Liability policy can help protect you and your business against a unique set of ...
read moreProfessional Liability Insurance
... in the states where you work. Alaska Alabama Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan ...
read moreWhat does Professional Liability insurance cover?
... damage. This is most certainly the case if you operate in the professional services industry or rent/own commercial property that is accessible to the public. It can be possible in some cases to operate without either ...
read moreWyoming home healthcare business insurance
... in the states where you work. Alaska Alabama Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan ...
read moreMinnesota home health business insurance
... merit. General Liability insurance is also referred to as Commercial General Liability (CGL) or “slip and fall” coverage ... Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana ...
read moreBusiness Insurance Guidelines for Start Ups
... against suits brought by employee(s) for a company's negligence, i.e. unsafe working conditions. 2. Commercial Package Policy This is the core of your risk management program and will satisfy a handful of requirements by ...
read moreBusiness Insurance Explained: “Occurrence” vs. “Claims Made”
Even with the best intentions, the insurance industry can be quite confusing at times. A great example is the subtle yet important concept of “Occurrence” business insurance policies vs. “Claims Made” business insurance ...
read more5 Steps to Buying Consultant Business Insurance Online
... , but they may be necessary to do with business with vendors, clients, or customers. For example, your commercial landlord might ask for proof of General Liability coverage before leasing office space to you. Clients and ...
read moreA guide to buying reliable small business insurance
... for coverage that you don’t need. For example, there is no sense in buying a policy that covers commercial automobile use if you sell online from home, or property insurance if all your business is done on your clients ...
read moreBuying business insurance online? Here’s a checklist to help
... coverage. Or, you could be required to have a certain amount of General Liability coverage to sign a commercial lease. Workers' Compensation insurance is required in most states, even if you employ just one person. The ...
read moreWhat Types of Business Insurance Do Business Need in Wisconsin?
In Wisconsin, more than 95% of all businesses are small businesses. They employ over a million workers, which accounts for nearly half of the workforce in the State. Hence, if you're running a business or thinking of ...
read moreWhat business insurance do contractors need in California?
... , it can save you from paying for damages in the case of an accident. In many cases, commercial leases require contractors to have this type of insurance. Workers' Compensation Insurance Any business must have workers ...
read moreWhat business insurance do contractors need in Texas?
... like a costly investment; however, it can protect your company in the long term. Commercial Auto Insurance Commercial auto insurance policy covers repair costs for company-owned vehicles and employee medical bills if ...
read moreWhy Every Event Planner Should Consider Getting Business Insurance
Event planning is an exciting career option. If you have strong customer service and organization skills, are creative and have a knack for negotiation, it might be right for you. No two events are the same, which also ...
read moreWhy Do Painters Need Business Insurance?
... insurance. Protect Your Business and Personal Finances Property damage claims are a very real risk for residential and commercial painters. During a typical job, you might need to: Enter a client's home Move around the ...
read moreWhy is Business Insurance Important for Event Planners?
... . You will also likely not receive any wage reimbursement. Commercial auto insurance for entertainment businesses In most states, you must have commercial auto insurance if your vehicle is registered to your business ...
read moreSmall Business Insurance in Alaska
... has a fender-bender in a van as he leaves a work site. He smashes his vehicle into another’s. Commercial auto insurance may help repair auto damage. In the event of an accident, medical expenses could be covered. Non ...
read moreSmall Business Insurance in Kansas
... example, exits the Kansas Turnpike at a high speed and damages a company vehicle by hitting a guardrail. Commercial auto insurance can help the owner of the business repair the vehicle. Hired-and-non-owned auto insurance ...
read more4 Essential Types of Small Business Insurance for Start Ups
... themselves in your workspace, you may need insurance coverage to protect your business. Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against ...
read moreYour Guide to Choosing the Best Small Business Insurance
There's a lot to learn when you're starting a small business. Insurance is one area where small business owners often feel overwhelmed. You may be faced with meeting legal requirements, questions about which products you ...
read moreBizInsure dedicate business insurance team for home care professionals
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read moreReinventing small business insurance for the digital economy
The COVID-19 global pandemic has altered the small business landscape. Many SMBs (small and medium businesses) were made deeply aware of gaps in their current insurance coverage and are more cost-conscious than ever when ...
read moreTools and Equipment Business Insurance
... insurance through the rental company. Tools and Equipment insurance does not cover vehicles. You may consider commercial auto insurance to protect your business trucks, vans, or other vehicles. Speak with our licensed ...
read moreCompetitive Small Business Insurance in California State
... nsurance. Businesses that offer services for a fee may also be obliged by law or industry regulations to carCommercial Property Insurance, and in certain instances, Business Income Insurance, are frequently combined and ...
read moreGeneral Liability Small Business Insurance in California (CA)
... nsurance. Businesses that offer services for a fee may also be obliged by law or industry regulations to carCommercial Property Insurance, and in certain instances, Business Income Insurance, are frequently combined and ...
read moreBusiness Insurance for Online Business
Business Insurance for Online Business Compare prices in minutes, with no obligation to purchase Purchase online to instantly receive your coverage confirmation Access only top-quality insurance companies (A-rated or ...
read moreBusiness Insurance in Oregon
... You may be required to have General Liability insurance in Oregon to work with specific clients or rent commercial space for your business. Workers' Compensation As an employer, it is your responsibility to look out for ...
read moreSmall Business Insurance
... nsurance. Businesses that offer services for a fee may also be obliged by law or industry regulations to carCommercial Property Insurance, and in certain instances, Business Income Insurance, are frequently combined and ...
read moreCommercial Insurance Renewal Checklist for Small Businesses
... people. With so much on your plate, it may seem like too much of a hassle to review your commercial insurance coverage when it comes time to renew. However, skipping this step could potentially leave you underinsured or ...
read moreSmall Business Insurance in North Carolina
... could cover hospital costs and lost wages if the employee is unable to work and needs medical care. Commercial Auto insurance Commercial auto insurance can be a good option if you own or drive vehicles for your business ...
read moreOhio Nurse License Guide
Are you looking to know about the licensing requirements to be a nurse in the state of Ohio? Well, you are on the right page! Being a nurse is an honorable but challenging profession. On the one hand, you get the ...
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Becoming a home health aide takes time and commitment. It usually necessitates some type of higher education, such as a college diploma, a high school diploma along with specialized training, or a combination of all ...
read moreCarpenter vs Joiner vs Woodworker: What's the Difference?
Carpentry, joinery, and woodworking are all distinct yet related skilled trades. Each relies on specific technical knowledge and specialty tools to provide essential construction and finishing services to customers. ...
read moreTop 5 Reasons to Become a Carpenter
Carpentry is an exciting field for those who enjoy working with their hands. It can also be rewarding, with high job satisfaction, excellent salary potential, and the possibility for a promotion if you work hard. If you' ...
read moreHow to get free home health aide training: A complete guide
Home health aides are in high demand, with job growth expected to increase 33% by 2030 (according to recent data from the Bureau of Labor Statistics ). It's also an excellent way to kickstart a career in healthcare. You ...
read moreHow to Become a Certified Home Health Aide in 2024
Home is often where people want to be, especially if they are dealing with a chronic illness, recovering from a serious injury, or simply getting older. Finding ways to live comfortably and safely in their own homes can ...
read moreGuide to choosing a RN program in Pennsylvania
Pennsylvania nursing students have a variety of options in their goal to becoming a registered nurse (RN) . There are 27 associate, 37 baccalaureates, and 18 diploma programs available in the state. Nursing students will ...
read moreAverage RN Salaries in Pennsylvania
Registered nurses are in high demand across the country. With job growth for this role expected to increase by 9% between 2020 and 2030, becoming a registered nurse (RN) could be a wise career choice for people ...
read moreHow to Get a Nursing Degree Online
You’re not alone if you’ve decided to pursue a career in nursing. Between now and 2030, nursing employment is predicted to expand faster than the national average, while enrolment in nursing schools climbed by 5.6 ...
read moreInsurance for Project Managers
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read moreThe Differences Between a CNA and HHA
Home healthcare is a growing industry, as baby boomers continue to age and create their healthcare plans for retirement and beyond. This means that there are many work options if you are thinking about a career in the ...
read moreHow to become a caregiver – the definitive guide
Caregivers are an essential part of the nation's medical landscape. You provide much needed care and support to others, whether it's a patient you are assigned to or your own family member who needs extra assistance. You ...
read moreWhat Are the Different Types of Electricians?
... that most associate with this career path. Some electricians specialize in residential work, while others focus on commercial structures, industrial areas, or other locations. Let's take a look at the different types of ...
read moreTop 11 caregiver duties
A caregiver is someone whose profession involves taking care of others. The roles and responsibilities of every caregiver can be slightly different. A caregiver might be grocery shopping or cleaning the carpet one minute ...
read moreCaregiver Guide: Dos and Don’ts for Caregivers
If you’re working as a caregiver to an elderly individual or someone with special needs, you hold a very important position due to the difference you can make in their lives. In this caregiver guide, we look at some of ...
read moreGuide to Providing In-Home Care to Aging Patients
More than three-quarters of people over the age of 50 want to remain in their homes as they get older, according to a 2021 survey by the AARP. Many people and their families consider hiring professional in-home care ( ...
read moreGetting Your Caregiver Certification Online
The first step to become a certified caregiver is getting trained. As demand for in-home care and assistance grows, there are more options for people seeking a caregiver certification. Depending on the training required ...
read moreCertified Home Health Aide Requirements: Ultimate Guide for 2024
Becoming a certified home health aide is an excellent way to start your career in healthcare. The need for home health aides is growing, with increasing opportunities throughout most of the country. There are many ...
read moreFour Excellent Reasons to Become a Nurse
Nurses are an important part of the medical field. They are often the first point of contact and primary care professional for patients and their families. Nursing provides an avenue to access a variety of career options ...
read moreBizInsure launches controversial AI Interruption Cover for victims of ChatGPT job losses
OAKLAND, USA BizInsure, a leading provider of small business insurance solutions, is excited to announce the launch of its latest insurance product - AI Interruption Cover. With OpenAI, the company behind ChatGPT, ...
read moreElectrician vs Electrical Engineer: What's the Difference?
... . What is an electrician? Electricians install, repair, and maintain electrical systems for residential and commercial customers. They help provide power to lights, appliances, heating and cooling systems, theft alarms ...
read moreHome Health Care Insurance Florida – ESP
... en Jacksonville, Tampa, Orlando o Destin. ¿Por qué querría convertirse en un asistente de salud en el hogar de Florida? Florida es el hogar de muchos puestos de asistente de salud en el hogar. Si está interesado en una ...
read moreAccountant Insurance
Insurance for Accountants Compare quotes in minutes, with no obligation to buy Buy online and receive coverage confirmation - instantly Access only top-quality insurance companies (A-rated or better) Why do Accountants ...
read moreInsurance for Tutoring
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read moreInsurance for Interpreters & Translators
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read moreHow to get a home care license in Ohio?
Home health aides and other home care providers are in high demand. Job growth for this occupation is expected to increase by 33% nationwide from 2020-2030, according to the U.S. Bureau of Labor Statistics . Now may be a ...
read moreYear end parties: having fun whilst covering the risks
... to intoxication. If you would like to learn more about how we can help you with your commercial and host liquor liability, employment practices liability, event cancellation or other business insurance please contact us ...
read moreInsurance for Software Developers (old)
Insurance for Software Developers Compare quotes in minutes, with no obligation to buy Buy online and receive coverage confirmation - instantly Access only top-quality insurance companies (A-rated or better) Get instant ...
read moreAccountant Insurance
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read moreNurse Insurance in Ohio
... against third-party claims and lawsuits resulting from bodily injury or property damage. Also referred to as Commercial General Liability (CGL) or “slip and fall” coverage, a policy usually covers your legal expenses and ...
read moreInsurance for Diagnostic Imaging & X-Ray Centres
Insurance for Diagnostic Imaging & X-Ray Centres Compare quotes in minutes, with no obligation to buy Buy online and receive coverage confirmation - instantly Access only top-quality insurance companies (A-rated or ...
read moreInsurance for Artificial Limb Clinics
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read moreInsurance for Adult Day Care
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read moreInsurance for Pharmacists
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read moreInsurance for Ocularist
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read moreElectrical Safety for Electricians: 7 Tips for the Workplace
... . While you may be licensed as a residential electrician, that doesn't mean you are qualified to do commercial, high-voltage, or other specialized work. You may need additional study and training to expand your knowledge ...
read moreArchitect license requirements in Washington
Becoming a licensed architect in Washington involves a process that varies significantly depending on your location. To gain a comprehensive understanding of the steps involved, read on to discover the requirements for ...
read moreHow to get a home health care license in California
California's population is aging. By 2030, the number of people over 65 living in the Golden State is projected to reach 8.7 million. 1 As Baby Boomers continue to retire and Gen X gets older, the state is likely to need ...
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Become an Affiliate Of Bizinsure Experience a significant increase in your earnings by expanding your offerings.Provide your customers with the convenience of straightforward and reasonably priced business insurance. ...
read moreBizInsure For Agents and Brokers
... for basic business protections, workers’ comp for employee safety, and specialized policies such as commercial property, commercial auto, professional liability (E&O), and inland marine for asset and transit protections ...
read moreWhat Is the Difference Between Home Care and Home Health Care?
Demand for home health and personal care services is growing. The Bureau of Labor Statistics predicts 22% job growth between 2022 and 2032 1 —much faster than other occupations. As more Americans seek in-home short and ...
read moreHow to Become an Architect: What You Need to Know
... in a certain type of architect role. Some of the popular options are as follows: Commercial: Designs constructions for non-residential use Residential: Concentrates on constructing individual homes Interior design ...
read moreWhy Engineers Need E&O Insurance to Protect Them Professionally
It takes a lot of study and training to become an engineer. Careers in this field are highly technical, meaning there are plenty of opportunities for mistakes to happen. A small error or innocent omission in your work ...
read moreDo Teachers and Education Professionals need Professional Liability Insurance?
... help cover compensation to the claimant, so you are not left out of pocket for this expense. Most commercial landlords will require you to show proof of General Liability insurance to lease space from them. My employer ...
read more10 pro carpentry tips to help you master woodworking
Any carpenter worth their salt will have an established set of skills that they turn to again and again. However, they also possess something else that makes a big difference: A knowledge of methods for saving time or ...
read moreHow To Get A Joinery Apprenticeship
Carpentry can be an exciting career choice for someone who enjoys creating things with their hands. For those with exceptional woodworking skills, joinery could be the specialty for you. This type of finish carpentry ...
read moreHow to Become a Carpenter Apprentice
... the highest employment levels for carpenters are: California Florida New York Texas Pennsylvania As of May 2021, ... wide variety of industries. Though residential and commercial construction are some of the biggest employers ...
read more8 Skills You’ll Need to Become a Successful Carpenter
There are many carpentry skills you will need to master on your way to becoming a carpenter . There's a lot to learn—from general carpentry skills, like working with power tools and understanding the qualities of wood, ...
read moreContractor License Requirements in Texas
... in Texas. This includes installing, maintaining, and extending electrical wiring systems in residential and commercial properties. There are currently 11 different licenses covering the trade, from apprentices to master ...
read moreHow to Become a Mechanical Engineer
Aircraft engineer in a hangar holding laptop computer while repairing and maintaining a jet engine. Mechanical engineering is an exciting occupation for people who are creative, excellent problem solvers, and have great ...
read moreWhat is the Difference Between Power and Pressure Washing?
... salt, and chewing gum. The electric pressure washer is perfect for cleaning. Building facades, both commercial and residential Sidewalks, walkways, stairways, and patios Parking garages, stadiums, and open-air plazas All ...
read moreHow to Prevent Workplace Injuries
Workplace injuries are all too common. In 2019, 2.8 million nonfatal workplace injuries and illnesses were reported by employers, according to the U.S. Bureau of Labor Statistics . That means about three out of every 100 ...
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read moreProfessional Liability Insurance For Educational Consultants
... For coverage for these other aspects, check out our general liability insurance (also known as commercial general liability insurance or business liability insurance) and workers compensation insurance available on our ...
read moreNurse Insurance in Pennsylvania
... not required by law in Pennsylvania. However, you may need to show proof of General Liability insurance by a commercial landlord if you lease office space or other business premises. Even if you are not required to have ...
read moreInsurance for Staffing & Human Resources
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read moreHow to Become a Home Health Aide in Pennsylvania
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... or industrial painting as well. People who wish to pursue a career in the residential or commercial painting industry may need to attend professional painting classes and adhere to any licencing requirements before they ...
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What is Professional Liability Insurance?
Professional Liability protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors. Claims made against a Professional Liability policy typically result from clients who allege that your services, products, or employees have caused them to suffer some sort of financial damage. Professional Liability insurance may also be sold as Errors and Omissions (E&O) insurance or medical malpractice insurance, depending on the industry that specific policies are designed to protect.
People working in certain industries may be required to have Professional Liability insurance in order to do business.
This includes many different types of professions, such as:
And many more
Click here for a complete list of Frequently Asked Questions
How much is Professional Liability insurance?
BizInsure analyzed more than 5,000 of our customers and found that on average small businesses spend around $767 per year for Professional Liability insurance. This includes all industries and varying policy limits. However, Professional Liability insurance costs less than $600 per year for more than a third of small business owners.
Our analysis also found that just over half of small business owners pay less than $51 a month for their Professional Liability coverage.
To learn more about how much Professional Liability insurance costs, click here.
There are many factors that insurance companies use to determine the cost of Professional Liability policies. These include:
- Your industry
- The amount of revenue your business produces
- The risk management procedures you have in place
- Claims history
- The amount of coverage desired
Every small business is different. The unique risk factors your business faces mean that your policy and premiums may differ from other companies, even those within the same industry.
What does Professional Liability insurance cover?
Professional Liability insurance can protect your business against allegations that your services, products or employees caused a third party some form of financial damage. This includes:
Errors, mistakes and omissions
Even the most careful professional service provider can sometimes make a mistake or forget to rely important information to a client.
Negligence
Professional service providers are held to high standards, and if you don’t meet a client’s expectations, you could face a lawsuit.
Breach of contract
If you do not meet your contractual obligations, your client may sue.
Undelivered services
Inability to deliver the services you promised could lead to a claim or lawsuit from an unsatisfied client.
Missed deadlines
Even if you’re on schedule, unforeseen events can impact agreed deadlines and trigger a claim.
A Professional Liability policy typically pays for your attorney fees and other legal expenses necessary to defend your business in court. It also covers any settlements or judgements you are required to pay as a result of the claim.
The coverage provided by a Professional Liability insurance policy applies even if you are not at fault. Defending your professional reputation can be expensive, even if the claim made against you is baseless. Professional Liability insurance provides an important financial safety net for both legitimate and meritless liability claims.
Professional Liability insurance covers incidents such as:
- Providing incorrect advice to a client around accessibility or other building standards
- Flaws in your work that require the client to pay for new materials and labor
- Alleged mistakes, even if you are not at fault
Explained: What does Professional Liability cover?
What is not covered by Professional Liability insurance?
There are limits to what Professional Liability insurance will cover. Professional Liability policies do not cover:
Third-party bodily injury or property damage:
A General Liability policy provides protection should a customer or other member of the public is injured on your business premises or you damage someone else’s property.
Work-related injuries or illnesses
A Worker’s Compensation policy can help you or your employees get back to work following a workplace injury or illness.
Who needs Professional Liability Insurance?
There are many types of small businesses and occupations who could need Professional Liability insurance. This includes businesses that:
- Regularly give advice to clients
- Provide professional services directly to customers
- Represent their clients’ interest on their behalf
In many states, minimum amounts of Professional Liability coverage are required for some occupations, such as medical professionals and attorneys. Additionally, professional associations and some clients may also require you to carry this type of policy.
To learn more about the Professional Liability requirements in your area, consult your state or local laws or professional association.
These guidelines can apply to a number of different professions in very different industries. Examples include:
Whether you’re designing the newest skyscraper or a family home, you may need protection while you work. A small error, misunderstanding with the contractor, and other forms of professional wrongdoing can leave architects open to an expensive lawsuit. Professional Liability insurance could help shield you against common risks you may face. Visit our Architect Liability Insurance page to learn more.
Your work is essential to the planning and construction of buildings and other parts of the country’s infrastructure. Engineers work closely with architects, contractors, and other professionals on each project. A missed deadline, mistake, and other unintentional mishaps could leave you vulnerable to a lawsuit. Visit our Insurance for Engineers page to explore your coverage options.
Business owners and professionals rely on your expertise and advice to help them improve their company. A simple mistake, missed deadline, or breach of contract could lead to a costly lawsuit that threatens a consultant’s finances and professional reputation. Professional Liability insurance could help you protect your consultancy. Visit our Insurance for Consultants page to learn more.
Working closely with patients and their families can be rewarding. It can also leave healthcare providers at risk for expensive lawsuits. Shield yourself against claims of negligence, mistakes, and other types of professional wrongdoing with Professional Liability insurance coverage. Visit our Insurance for Home Care Providers, Businesses and Agencies page to explore options for protecting your small business.
Your clients trust you with their money. A small mistake could lead to huge losses for them—and even bigger problems for you. Professional Liability insurance helps protect accountants against expensive lawsuits resulting from errors and other faults in their work. Visit our Insurance for Accountants page to learn more about protecting your small business.
You need insurance but don’t know what kind? BizInsure offers General Liability Insurance, Professional Liability Insurance, also known as Errors & Omissions insurance (E&O), Workers Compensation Insurance, and Business Owner’s Policy, so you have plenty of options. Compare quotes and find out which policy is right for your company with BizInsure.
Professional Liability Insurance FAQs
Is employers’ liability the same as Professional Liability insurance?
No, employers’ liability is not the same as Professional Liability insurance.
Employers’ liability protects businesses against workplace injury or illness claims not covered by Workers’ Compensation insurance. It may be included as part of your Workers’ Compensation policy (except for policies purchased from a monopolistic state fund) or added to your policy as an endorsement.
Employer’s liability typically covers:
- Lawsuits by third parties distantly involved in the accident
- Lawsuits brought by the family of an employee who is deceased or disabled
- Non-employees who suffer physical damage due to the employee’s injury
- Dual-capacity lawsuits where you are sued both as the employer and as something else (i.e., a product manufacturer, service provider, landlord, etc.)
Is malpractice insurance the same as Professional Liability insurance?
Malpractice insurance is a type of Professional Liability insurance designed specifically for people working in the medical field. The potential for mistake is higher for these occupations and the consequences that follow them could be much greater for their patients.
Examples of occupations that may consider malpractice insurance include:
- Doctors
- Surgeons
- Dentists
- Nurse practitioners
- Massage therapists
What is General Liability and Professional Liability insurance?
General Liability is a common form of insurance coverage that many small businesses consider. It differs from Professional Liability insurance in that it covers bodily injury and property damage claims made by third parties.
You might consider General Liability insurance if you:
- Regularly meet with third parties (clients, vendors, delivery people, etc.) in your office or workplace
- Regularly meet with clients or vendors in their homes or places of business, or on third-party worksites
- Handle your client’s property or personal belongings
- Have employees who do any of the above
Click here to learn more about General Liability insurance.
What is the difference between E&O and Professional Liability insurance?
Professional Liability insurance is the same as Errors and Omissions (E&O) insurance. They provide the same forms of protection against mistakes in your work, negligence, breaches of contract, and other common liabilities in this category.
You may be more likely to see a policy listed as E&O insurance when it is being sold to certain industries, such as real estate, tech, and accounting.
Is directors and officers’ insurance the same as Professional Liability?
Directors and officers’ insurance is a type of Professional Liability insurance designed specifically for the higher ups at a company. This includes directors, officers, executives, and other members of upper management.
While directors and officers’ insurance is similar to Professional Liability insurance, the coverage it provides is targeted to the unique risks faced by a company’s primary decision makers. This includes:
- Negligence
- Poor financial management
- Errors
- Wrongful acts and conflicts of interest (excluding crimes or illegal acts)
Like Professional Liability, directors and officers’ insurance protects against claims that typically come from outside the company, such as from a dissatisfied client or investor.
Is employment practices liability the same as Professional Liability insurance?
No, employment practices liability is not the same as Professional Liability insurance.
Employment practices liability protects businesses against claims and lawsuits brought by employees who allege that the company has violated their legal rights. Common reasons for an employment practices lawsuit include:
- Wrongful termination
- Failure to promote or hire
- Discrimination
- Sexual and other forms of harassment
Is Professional Liability insurance tax deductible?
Yes, Professional Liability insurance is typically a tax-deductible expense for small businesses. According to the IRS, you can deduct many insurance premiums that are considered ordinary and necessary costs. This includes Professional Liability, General Liability, and Workers’ Compensation insurance, as well as many of the coverages that can be included in a Business Owner’s Policy (BOP).
A tax professional can help you determine which insurance premiums you can deduct from your tax filing.