If you are accused of malpractice and don’t have the right insurance protection, your firm could be devastated financially.
Professional liability insurance from Evans, Pires & Leonard can cover the professional services of almost any firm, including doctors and their assistants, dentists, orthodontists, anesthesiologists, attorneys, accountants, architects and engineers, designers in multiple disciplines, realtors and many more. If you provide professional advice or services, you most likely need professional liability insurance.
Often referred to as malpractice insurance, legal liability insurance, or errors and omissions insurance, a professional liability policy insures you and your practice against losses stemming from accusations that an error or negligence on your part caused physical or financial harm to someone.
Costs for settlements, damage awards and legal fees related to claims against your professional services are usually excluded from coverage under your general liability insurance policy but will be covered under a professional liability policy. Depending on how the policy is worded, defense costs could erode your total limits of coverage, leaving less to pay out in a settlement or damage award. If you want to avoid that, you can obtain a policy that pays for defense expenses outside of your liability limits. Some insurers even offer to pay for legal costs from the first dollar forward—known as “first-dollar defense.”
It is also possible to get prior acts coverage, which will cover specified work you did before initiating your newest policy. Other policies offer an extended reporting period, providing protection into the future, even after you retire. Since coverage for independent contractors is limited or excluded under many policies, your Evans, Pires & Leonard advisor will work with you to make sure you don’t have any gaps for services they provide to your clients.