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What's professional liability insurance?
Professional liability can help pay your legal defense costs, including judgments and settlements, if a client sues your company for mistakes, negligence or bad advice.
In certain trades and industries, it’s often referred to as malpractice or errors and omissions insurance.
Who it’s for
If you provide professional services or give advice to clients, you should consider a professional liability policy to supplement your business coverage.
Here are some of the most common professionals who use this policy:
- Beauty salon and barber shop owners
- Consultants and counselors
- Health care and IT professionals
- Lawyers, architects and engineers
- Real estate agents, interior designers and personal trainers
Coverage for errors and omissions
Professional liability insurance is also known as errors and omissions insurance.
It helps protect your business if you or someone who works for you makes a mistake that results in financial loss for your client.
Do I really need professional liability insurance?
Even if you or someone who works for you didn't make the mistake, your client can still file a lawsuit if they believe your company was responsible.
Without professional liability coverage, you may have to pay your legal expenses out of pocket.
It may be required.
Some professional licenses may require it. For example, certain states require doctors and some other medical professionals to have coverage.
And some clients may ask you to have it before doing business with you.
Why get a policy through the USAA Insurance Agency?
The USAA Insurance Agency is here to help you find insurance to fit your needs. Our long-standing alliances with other insurance providers allow us to make sure you get a great mix of coverage, pricing and quality customer service.
A commercial specialist can help you choose the right amount of protection. If you have questions about a policy, call 800-292-8135.
And if you have to report a claim, you can expect USAA-level support no matter who manages your policy.
Professional liability insurance FAQ
The difference comes down to the types of risk your company may face.
General liability insurance is broad coverage designed to help protect your business from physical and property damage liabilities. For example, you could have a client slip in your lobby or an employee accidentally damage a customer's property.
Professional liability insurance focuses more on negligence or errors on the part of your business that may cause physical or financial harm to your clients. Examples could include a dentist who breaks a patient's tooth during a routine cleaning or an accountant who makes an error on a tax return that results in an audit and possible penalty.
Learn more about general liability insurance.
Malpractice insurance is usually what people in the legal and medical fields call professional liability insurance.
Doctors get malpractice insurance to protect against lawsuits for medical negligence, harmful treatment decisions or even a patient's death.
Attorneys get malpractice insurance to help protect them if a client sues for the perceived mishandling of a case.
Your coverage amount depends on a variety of factors. Some things to consider include:
- What kind of business you have.
- How many years you've been in business.
- How many employees you have.
- Your business location and assets.
- Your claims history.
Help protect your business from mistakes.
Speak with a USAA Insurance Agency commercial specialist about your coverage needs.
Call the USAA Insurance Agency.
