New York Professional Liability Coverage

HCP Insurance is proud to offer versatile, cost-effective professional liability insurance to service providers in NY.

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NY professional liability insurance

As an NYC business owner, you work hard to build your reputation and provide your clients incredible service.

But mistakes and misunderstandings can still happen.

That’s where professional liability insurance comes in. Give your NYC business the protection it deserves with this comprehensive coverage from HCP.

What is professional liability insurance?

Professional liability insurance is also known as Errors and Omissions (E&O) insurance.

This coverage safeguards professionals if their work negatively affects a client in a tangible financial way.

It can protect against claims of:

  • negligence
  • breaches of confidentiality
  • misrepresentation
  • copyright infringement
  • failure to meet professional standards

It can also cover the costs associated with defending yourself in court – for example, attorney’s fees and court costs.

Typical risks covered by professional liability insurance

Without professional liability insurance, businesses leave themselves far more vulnerable than they should. These examples highlight why this coverage can prove to be crucial.

  • Negligence

    The insured’s liability coverage can cover claims resulting from errors or omissions in their services.

  • Misrepresentation

    Professional liability insurance often covers claims resulting from unintended inaccurate advice or misrepresentations.

  • Breach of duty

    Professional liability insurance covers claims from the failure to perform a duty or failure to meet the industry’s necessary standard of care.

Choose HCP Insurance for professional liability coverage

With HCP’s professional liability insurance, professionals in New York know they have financial protection from claims of negligence or errors resulting from their professional duties. Our team will happily answer your questions and provide a quote for your business.

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Who needs professional liability insurance?

Some industries in New York face more professional liability claims and lawsuits than others.

Examples of professional liability claims this insurance can help

Professional liability risks for medical professionals

Here’s one example of how this coverage might apply to medical professionals: it could cover the costs of hiring an expert witness to testify on behalf of the medical professional. It may also cover investigative and legal fees related to defending against the claim or settling out of court.

It can also provide financial protection for medical professionals when negligence is not at issue. One example is failure to meet professional standards. The policy may cover attorney fees and other costs associated with defending against the claim in these cases. It may even pay for settlements or judgments reached through court proceedings.

Professional liability risks for financial professionals

Professionals handling things as delicate as finances should also consider professional liability insurance. Some of these professionals include accountants, financial advisors, and mortgage brokers.

After all, they face unique risks like errors and omissions, negligence, and breach of duty. Professional liability insurance can protect them from financial losses from these risks.

Let’s say a client sues for alleged misconduct or negligence by a professional. In this case, the insurer might also cover damages and legal expenses.

Professional liability risks for legal professionals

Legal professionals, such as attorneys and law firms, are exposed to a range of professional liability risks. Professional liability insurance can provide coverage for claims arising from errors, omissions, or negligence in legal services.

For example, if a client accuses an attorney of providing incorrect legal advice that resulted in financial losses, the professional liability insurance can cover the costs of defending against the claim. This includes legal fees, court costs, and any settlements or judgments awarded to the client.

Professional liability insurance is crucial for legal professionals to safeguard their professional reputation and mitigate the financial risks associated with providing legal services.

Frequently asked questions about professional liability insurance

Next, we’ll cover some common questions about professional liability coverage.

Who needs professional liability insurance?

Any professional who provides advice or services may benefit from professional liability insurance. This includes doctors, lawyers, accountants, financial advisors, and consultants. These professionals take on significant liability by providing the services they offer, and without professional liability insurance, they could end up having to close their business because of a minor mistake.

What does professional liability insurance cover?

Professional liability insurance can cover claims for errors or omissions in job performance. It can also apply to claims of negligence, breach of duty, and misrepresentation.

What are the limits of professional liability insurance coverage?