Professional Liability Insurance Texas
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Professional Liability Insurance Texas
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.
What Does Professional Liability Insurance Cover?
Some common types of insurance that covers professional liability include:
- Malpractice insurance. This insurance is only for medical professionals and people in the healthcare industry. It guards against loss from flames due to mistakes or negligence.
- E&O insurance. Errors and omissions liability coverage. With this coverage, you are protected from claims for giving faulty advice or counseling a client when the advice you give leads to a financial loss. Architects, designers, insurance agents, stock brokers, real estate agents, consultants, and lawyers should carry this valuable professional liability insurance Texas coverage.
- D&O insurance. Directors and officers liability insurance handles the specific risks of directors, officers, and other high-ranking executive professionals. This coverage pays for claims from scenarios such as the release of information deemed confidential, poor investments made by the officer, unlawful acts, firing and hiring issues, conflicts of interest, and gross negligence.
- Occurrence insurance. This policy pays for expenses when a covered incident occurs, even if the policy lapses, as long as the event occurs while the policy is in force.
Which Professionals are Most Likely to Face Suits?
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.
Scenarios Where Professional Liability Insurance is Crucial
Reviews these scenarios to help you understand the nuances of how professional liability insurance Texas can benefit different professionals.
- Financial advisors. Regardless of claim legitimacy, if a client's investments fail of if the client has not been fully advised of his risk before making an investment, the financial advisor can face a claim.
- Lawyers. When a lawyer misses a deadline or date, litigation can be pursued, often successfully so. With or without merit, professional liability insurance can help.
- Private investigators. A PI who supplies incorrect information to a client can face a claim if a financial loss occurs.
- Consultants. If a consultant makes a mistake that can cause a business shut down or a website shut down, then a lawsuit may result.
- Contractor. A contractor or a subcontractor working under the contractor who performs shoddy work faces potential lawsuits.
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.
Request a free Professional Liability Insurance Texas quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Tyler, Waco, Wichita Falls and all other TX cities. Also see Professional Liability Insurance Pennsylvania, Professional Liability Insurance New York, Professional Liability Insurance New Jersey, Professional Liability Insurance Delaware, Professional Liability Insurance Kentucky, Professional Liability Insurance California
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