Any professional who provides advice or services may benefit from professional liability insurance. This includes doctors, lawyers, accountants, financial advisors, and consultants.
New York Professional Liability Coverage
HCP Insurance is proud to offer versatile, cost-effective professional liability insurance.
NY professional liability insurance
As a 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 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:
- breaches of confidentiality
- 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.
The insured’s liability coverage can cover claims resulting from errors or omissions in their services.
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.
Who needs professional liability insurance?
Some industries in New York face more professional liability claims and lawsuits than others.
- Medical professionals
- Financial professionals
- Legal professionals
- Technology professionals
- Construction professionals
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.
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.
Policy coverage varies and depends on the specific needs of the insured. Some policies may have limits of up to several million dollars. Of course, not every business needs this much.
The cost of professional liability insurance varies too. It depends on factors like the type of profession, the level of risk involved, and the limits of coverage. Some professions may have higher premiums than others due to being riskier in nature.
Consider several factors when choosing a policy. These include the level of coverage, the limits of coverage, and the cost of the policy. Of course, you should also read the policy carefully to understand what it covers and excludes. You’ll also want to work with a reputable insurance provider.
Professional liability insurance in New York
Ready to find suitable professional liability coverage at a price that works for your business?