PROFESSIONAL LIABILITY INSURANCE IN FLORIDA
Professional liability insurance in Florida is designed to protect the business, income, and personal possession of a variety of professionals.
Most people think of professional liability insurance as protection for lawyers and medical professionals. There are many more professionals that need the protection of professional liability insurance including insurance agents, architects, chemists, engineers, stockbrokers, and performers. Just like healthcare providers need medical malpractice insurance, even beauticians and cosmetologists need protection from litigation that professional liability insurance can provide.
If you need a better rate in Jacksonville, Tampa, Orlando, Miami, or anywhere else in Florida, give us a call today at 1-800-554-9142. Contact us here.
Professional Liability Insurance Protects You from the Unexpected
It is a fact of life that we live in a world that is increasingly willing to sue for a real or perceived injury or violation of a basic right. Professionals need to protect their business, reputation, and income with professional liability insurance.
As is the case with other types of business insurance, the amount of professional liability insurance that an individual needs depends on the business that they are in and the amount of financial damage they may incur.
Most professionals are at risk to a variable amount of litigation and financial danger at different times depending on the project, lawsuit, or type of medical treatment they are involved in at any given time. It is usually best to prepare for the worst. This simply means that a professional that is at risk for being sued should carry as much professional liability insurance as needed for the worst-case scenario.
All litigation that is covered by Florida professional liability insurance is civil litigation. While you will not go to jail, the punitive damages that a jury or judge may award a person that sues you could exceed the entire amount of money you will make in your entire career.
Professional liability insurance provides professionals with added protection that general liability insurance does not. The additional protection includes coverage for inaccurate advice, violation of good faith, any misrepresentation of qualifications or quality of work, and negligence. These areas of the law are extremely subject to interpretation and a judgment against you as a professional may depend on the jurisdiction that you are sued in.
Even if you give a client the best advice that you can back up with solid evidence at the time you give the advice, you can still be sued if the result does not fit the client’s expectations. Violation of good faith suits claim that a professional acted directly and with intention to defraud the client. Misrepresentation means that a professional willingly and knowingly led a client to believe a false statement. Misrepresentation is the most frequently used grounds for suing a professional. Negligence means you did not perform all duties that a professional would perform in a particular situation.
Each of the four types of litigation can be covered in separate parts of your Florida professional liability policy. A professional needs professional liability insurance because at some point in their career a client will sue them. You may have done nothing wrong, but that fact will not protect you from financial loss if you lose the case.
Things to Consider in Your Professional Liability Insurance Policy
You can get competitive professional liability insurance from Moran Insurance in Florida. We are licensed insurance agents and will work with you to find the best commercial insurance package that suits both your needs and your budget.
There are some important points to consider as you compare policies. The following should not be overlooked.
- Coverage Sublimits: When looking at your coverage options, be sure to make a distinction between aggregate coverage and sublimits. The aggregate coverage is a figure that states the total amount of coverage related to a liability claim. Sublimits place smaller limitations within the aggregate on various aspects of a legal defense. As an example, a $1 million policy may only provide $100,000 of coverage for damages. Understanding sublimits will allow you to choose a more flexible policy.
- Deductibles: A policy with a low deductible will attract higher premiums, but your out of pocket cost when making a claim will be lower. A policy with a high deductible will attract lower premiums, but you will pay more if you need to make a claim. The right choice for you depends on your business and exposure to risk. Our insurance professionals will help you to find the right balance that works for your budget.
- The Cancellation Policy: Your business needs could change during the calendar year, and you may need to adjust your insurance coverage. Having the freedom to cancel is something that you should consider. Some policies come with a 10% additional fee on top of pending premiums. Moran Insurance will work to secure the best cancellation terms in your next policy.
- Right to Defend vs Duty to Defend: There are typically two types of policies that are offered with liability insurance Florida. Right to Defend (also known as Reimbursement) is considered the lesser form of coverage. With this type of policy, an insurer can respond to claims made against you but is not obligated to. They will determine coverage based on the specifics of the case brought against you. Duty to Defend means that the insurer will be obligated to provide coverage if it fits the terms of your policy.
Work with Professional Liability Insurance Professionals for the Best Policy
You now understand what goes into a professional liability insurance policy. Now it’s time to learn how professional agents and brokers can help you to find coverage. At Moran, we aren’t insurers. We’re a team of licensed agents and brokers with vast experience in the industry. We will help you to find the best policy from large insurers. We can also work to package unique policies for all your business needs. Working with a broker or agent comes with significant benefits. You will find that these are invaluable as you work through the process. With a broker, you have the freedom of choice. Not every insurance policy is created equal. However, to explore all your options on the market, you would have to call dozens of insurers and compare their products. At Moran Insurance we will find the policies that are best suited to your needs and present them to you in a way that is easy to understand. You’ll save time and money because you’ll end up with a policy that is perfectly suited to your business model. Not every insurance policy is created equal. Moran Insurance will find the policies that are best suited to your needs. By working with insurance professionals, you will get ongoing support and advice. Working with large insurers can be frustrating. Even as a business customer, you will often feel like just another number. While big companies often provide great policies, they are often lacking when it comes to customer service. We offer a personal experience where your needs are put first. We will work tirelessly until you have a policy that meets your needs, at a cost that you can afford. We can also package your policies, which makes a big difference when you are looking at several different policies from various providers. Let’s say that one company provides an excellent worker’s comp policy, but their professional liability insurance is lacking. In normal circumstances, you’d buy all the policies individually while liaising with all the different providers. We can package policies for you, and we’ll communicate on your behalf. This simplifies the entire process while still ensuring that you get the policies you want. Products we can package include malpractice insurance, commercial property insurance, commercial auto insurance, and more.
Get the Best Professional Liability Policy with the Help of Moran Insurance
If you’re looking for the most comprehensive and affordable professional liability insurance policy, it’s time to talk to the team at Moran Insurance. We can give you peace of mind to run your business without the fear of financially crippling litigation. Talk to us today for your obligation free consultation.