Professional Liability Insurance Texas. Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals, including medical professionals, who are among the most likely type of professionals to be targeted by litigants. With more than $3.3 billion paid out in calendar year 2013 to claimants in medical lawsuits, it makes sense to insure yourself with the most comprehensive professional liability insurance Texas possible.
Medical professionals are not alone in their plight. Lawyers, attorneys, and others in the legal profession are quickly becoming a target for litigation. Every attorney in practice today has a 17 percent chance of being the center of a litigious suit in any given year, according to the American Bar Association.
Professional liability insurance Texas protects your practice from negligence lawsuits with rates as low as $37/mo. Get a fast quote and your errors and omissions (E&O) insurance now.
No professional is safe from a liability claim. Any person whose job is to provide guidance or advice can end up being sued. Professionals who are common targets include architects, consultants, designers, accounting professionals, financial advisers, and practitioners of wellness and health practices. Even knowing the inherent risks of their fields, a lot of professionals forego the purchase of errors and omissions (E&O), and many find themselves wishing that they had.
While most people know what medical malpractice insurance is, many have never heard of professional liability insurance Texas. While its specific definition varies based on which profession is seeking insurance, it usually protects against liability from errors and omissions made by professionals when providing professional services to clients. Essentially, professional liability insurance Texas covers negligence or mistakes that cause your client's financial loss. It is a different type of policy than property damage insurance or bodily injury coverage.
In addition to covering awards for claims (up to the declared limits of the policy), a professional liability insurance Texas policy also covers any associated legal costs. Since defending yourself in court can come with astronomical legal fees, sometimes running $100K or more, this errors and omissions insurance can be a godsend if you face a claim.
Some common types of insurance that covers professional liability include:
Although there are an endless number of professionals who can be sued for in a liability action, some are more prone to litigation. While doctors and lawyers are the most frequently sued (so much so that some states require that they carry malpractice coverage), others are also vulnerable, including accountants, graphic designers, engineers, insurance professionals, management consultants, and software developers.
Reviews these scenarios to help you understand the nuances of how professional liability insurance Texas can benefit different professionals.
As you can see, there are various ways that a client can target a professional with a claim. Protect yourself to the fullest by reviewing your professional liability insurance Texas policy needs with a seasoned agent who can recommend the best types of errors and omissions policies and limits that cover all potential perils you face.
If you are considering opening up a business in the Lone Star State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
In terms of the economy, Texas offers fantastic news for those who are thinking about starting up a business in this state. That's because the Lone Star State has the second largest economy of all 50 states in the nation. The gross state product is valued at an estimated at over $1.706 trillion in 2019. In 2015, the state was the headquarters for six of the top 50 Fortune 500 companies.
As expected, several industries contribute to the economy of Texas. One of the most notable industries is agriculture. In fact, this state has the highest production of cattle, sheep, and goat products. It is also the largest producer of cotton and cereal crops. Other crops that this state is famed for include cantaloupes, watermelons, and grapefruits.
Other leading industries in the State of Texas include:
If you are considering going into business in TX, having an operation in any of these industries will likely afford you success.
The Texas Department of Insurance regulates is the main insurance regulatory agency in the Lone Star State. Texas is quite lenient when it comes to insurance requirements for business owners. In fact, there is only one type of insurance that business owners are legally required to carry, and that is commercial auto insurance. If you are planning on using a vehicle for anything related to your business, whether it's making deliveries, transporting goods, or meeting with clients, you must have a commercial auto insurance policy.
While Workers' Compensation coverage is required in every other state, in TX, is it not mandated; however, if you decide not to carry this type of coverage, you will be required to offer your employees some type of incentive package in the event that the do become injured or develop a work-related illness.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Professional Liability Insurance Texas quote in Abilene, Allen, Alvin, Amarillo, Arlington, Austin, Balch Springs, Baytown, Beaumont, Bedford, Benbrook, Big Spring, Brownsville, Bryan, Burleson, Carrollton, Cedar Hill, Cedar Park, Cleburne, College Station, Colleyville, Conroe, Coppell, Copperas Cove, Corpus Christi, Corsicana, Dallas, DeSoto, Deer Park, Del Rio, Denison, Denton, Duncanville, Eagle Pass, Edinburg, El Paso, Euless, Farmers Branch, Flower Mound town, Fort Worth, Friendswood, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Greenville, Haltom City, Harker Heights, Harlingen, Houston, Huntsville, Hurst, Irving, Keller, Kerrville, Killeen, Kingsville, Kyle, La Porte, Lake Jackson, Lancaster, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Nacogdoches, New Braunfels, North Richland Hills, Odessa, Paris, Pasadena, Pearland, Pflugerville, Pharr, Plainview, Plano, Port Arthur, Richardson, Rockwall, Rosenberg, Round Rock, Rowlett, Sachse, San Angelo, San Antonio, San Benito, San Juan, San Marcos, Schertz, Seguin, Sherman, Socorro, Southlake, Sugar Land, Temple, Texarkana, Texas City, The Colony, Tyler, University Park, Victoria, Waco, Watauga, Waxahachie, Weatherford, Weslaco, Wichita Falls, Wylie and all other cities in TX - The Lone Star State.
Also learn about Texas small business insurance requirements for general liability, business property, commercial auto & workers compensation including TX business insurance costs. Call us (214) 999-1966.