Professional Liability Insurance—Make No Mistake About It

For certain professionals, professional liability insurance is a necessity—the realtor who is charged with unlawful discrimination against a renter; a carpenter who mistakenly uses the wrong materials when building a deck; the accountant whose mathematical error ends up costing their client thousands in tax penalties and fees.

If you are a professional or operate a business that offers services for which a mistake can bring about a financial burden on your client, you are at risk. Make no mistake about it—you need professional liability insurance.

Protect Your Business by Covering Your Actions

While general liability insurance will cover you if someone injures themselves in your office, professional liability insurance covers the legal costs and expenses in defending a claim that your error—intentional or not—cost your client money. We encourage all of our professional service clients to acquire this type of coverage to protect their business, including:

  • Accountants
  • Attorneys
  • Real estate agents
  • Architects
  • Home inspectors
  • Physicians
  • Web designers
  • IT technology consultants
  • Therapists/counselors
  • Physical/occupational therapists
  • Insurance agents
  • Contractors
  • Brokers and financial consultants

There are many factors that determine the cost of professional liability insurance, including:

  • Profession: Different professions exhibit a different history of risk and loss and result in claims that can be more expensive to defend and settle.

  • Full-time/part-time status: If you work less frequently, your risk of triggering a claim against you is lower.

  • Group coverage: If there is more than one professional covered on the policy there is a potential for group discounts.

  • Claim history: If you have a history of prior claims against you, this will factor in when determining your rate.

  • Limits of liability: How much coverage you require will directly impact the cost of your premium—the higher the coverage, the higher the premium.

Take Our Advice—Call for a Free Quote Today

At Thomas Ward Insurance Group, we know the risks that can threaten professionals and small businesses. A single claim against you could wind up costing you thousands of dollars to investigate and defend against claims, resulting in harm to your business in the process, or even destroying it altogether.
Take our advice—protect yourself, your business and your future with professional liability insurance. We’ll show you how. Call 312.254.1500 today to get a quote or email our independent agents to learn more.