Professional Liability Insurance-Florida
What is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions insurance or professional indemnity insurance, is a type of commercial insurance policy that protects companies from clients’ lawsuits if the client isn’t satisfied with the service. Mistakes happen and employees shouldn’t always pay for them. If the client sues for inaccurate advice or a delayed submission, Professional liability insurance covers the legal defense costs, which can get quite expensive.
At Florida Insure, we provide professional liability insurance in Florida as part of our small business insurance suite. We specialize in providing insurance services to small to mid-sized businesses, in addition to non-profits and religious organizations. Learn more now!
Get professional liability insurance quotes in Florida now!
Get a Quote
How Does Professional Liability Insurance Work in Florida?
Professional liability insurance has many real-life applications. For example, if you’re an accountant and you give advice to your clients that causes them to lose money, they can sue you for financial loss. Another example is if you are a personal trainer and you accidentally cause injury to your client, they can also sue you for personal injury. In these cases, you benefit from having professional liability insurance as it covers the legal defense costs.
Want more protection? Pair professional liability insurance with general liability insurance. Get insight from our expert insurance brokers today!
Why Do Professionals in Florida Need Professional Liability Insurance?
Other Insurance Services We Offer:
Is Professional Liability Insurance Required in Florida?
Professional liability insurance isn’t obligatory for many businesses in Florida. However, it may be necessary to have to comply with industry standards for many licensed professionals. Additionally, in state or local government contracts, Florida professional liability insurance may be required.
Who Needs Professional Liability Insurance in Florida?
Even if it’s not required, professional liability insurance is recommended for many industries. You need professional liability insurance if you:
- Offer services to clients.
- Provide consultancy or advice.
- Offer contractual services.
Examples of businesses that are covered by professional liability insurance in Florida.
- Beauticians/Salon Services
- Photographers
- Career Trainers & Coaches
- Property Managers
- Mental Health Counselors
- Business Consultants
- Occupational Therapists
- Nurses
- And More!
We Serve These Industries
What Does a Professional Liability Insurance Policy Cover in Florida?
Professional liability insurance covers the expensive cost of professional mistakes or failures. If a client is unsatisfied with your work or services and they sue you, coverage pays for the legal expenses and defense costs. Here is a list of what professional liability insurance covers.
- Professional errors or negligence, like incorrect advice, missed deadlines, For failure to deliver promised results.
- Failure to meet standards or deliverables, even if unintentional.
- Misrepresentation, like providing incorrect information to the client.
- Breach of contract, like failing to fulfill terms outlined in the service agreement or contract.
- Accidental loss or mishandling of sensitive or confidential client data.
What Doesn’t Professional Liability Insurance Cover in Florida?
A professional liability policy doesn’t cover all business-related claims. Here are examples of what isn’t covered under professional liability insurance in Florida.
-
Intentional Misconduct: As a general rule, insurance never covers intentional fraudulent or criminal acts.
-
Injury or Property Damage: Bodily injury and property damage are covered by general liability insurance.
-
Employment-Related Claims: Issues like wrongful termination or harassment are covered under employment practices liability insurance (EPLI).
-
Cyber Attacks or Breaches: Cyber liability insurance is required for protection against these risks.
How Much Does Professional Liability Insurance Cost in Florida?
On average, professional liability coverage costs around $71 in Florida and the US. The cost differs between businesses, depending on many factors, like coverage limits, type and size of business, risk factors, and deductibles.
Factors that Affect the Cost of Florida Professional Liability Insurance
-
Coverage limits: Selecting a higher coverage limit increases protection but also adds to the price of insurance.
-
Size of Business: A small business has fewer employees and lower revenue in comparison to a big company. Since there are fewer risks to insure with a smaller business, the cost is usually lower.
-
Claims History: A history of previous claims can signal higher risk to professional liability companies, potentially resulting in increased premiums. Maintaining a clean claims record may help you secure better rates.
-
Industry and profession: Different industries have different coverage options customized to their needs, which makes the prices vary.
-
Deductibles: The higher the deductible you set for your insurance policy, the lower your insurance premiums get.
Get professional liability insurance for small business in Florida, now!
Get a QuoteHow to Get Cheap Professional Liability Insurance in Florida
Protecting your business can be cost-effective. Here are a few strategies to help you get more affordable professional liability insurance in Florida.
- Compare quotes from multiple insurance companies before settling on a policy.
- Bundle your professional liability insurance coverage with another commercial insurance coverage, like general liability coverage or commercial auto insurance, under one policy.
- Review your policy carefully to make sure you’re not overinsured.
- Implement risk management strategies in your workplace.
- Keep your claims history clean.
- Get professional advice from an insurance broker or agent. Our agents can gladly give you advice on the best insurance plan for your business.
What is the Difference between General Liability and Professional Liability Insurance in Florida?
General liability and professional liability are two distinct coverages, each having a different purpose. General liability coverage helps your business with physical-related claims, like bodily injury or property damage to a third party. On the other hand, professional liability is more abstract, covering claims arising from errors or negligence. Even if you’ve purchased professional liability insurance, you still need general liability coverage for your Florida business.
How Do I Get Professional Liability Insurance in Florida
To get your Florida professional liability insurance, all you have to do is fill out our online form. After adding your information, you will get a free customized online quote from the top Florida professional liability insurance providers. Alternatively, you can speak with our representatives and ask all the questions you have to be well-informed about our insurance solutions. After you pick a policy, you will receive a certificate of insurance and begin coverage.
Call our phone number and get Florida professional liability insurance now!
Call Now
Tips for Choosing the Best Professional Liability Insurance Policy in Florida
- Assess your business needs and the risk your business needs coverage for.
- Determine the coverage options and limits that your business requires.
- Research different insurance companies before settling on a provider.
- Read your policy carefully to ensure you get the amount of coverage you need.
- Evaluate the claims handling process.
- Get guidance from an experienced insurance agent or broker.
Common Claims Covered by Professional Liability Insurance in Florida
- An account enters the wrong financial transactions for a company, leading to inaccurate budget projections and financial loss.
- An architect designs a building that doesn’t meet the project’s specifications, leading to structural issues.
- A real estate agent fails to mention a few flaws in a property unit, upon discovery, the new owners sue the real estate agency.
- An attorney misses a critical filing deadline, causing a client to lose their case. The client sues the attorney for negligence, seeking compensation for the lost case
How to File a Professional Liability Insurance Claim in Florida
- Review your policy and get familiarized with coverage options and exclusions.
- Notify your insurer about the claim.
- Gather all information about the incident that caused the client to file the claim and document thoroughly.
- Cooperate with the claims adjuster and provide any additional information or required documents.
- Get legal counsel if you need it to protect your interests and ensure compliance with all legal requirements.
- Stay in touch with your insurance company and follow up on the claim.
- Review the settlement and approve it or negotiate as you see fit.
Professional Liability Insurance Florida FAQs
Professional liability insurance can get expensive, depending on many factors. For example, an industry with high stakes, like healthcare and legal services, might see higher rates. It can also get expensive because of Florida’s specific regulations and legal environment.
Professional liability insurance policies are issued on an annual basis, with an option to renew every year. Some providers offer a multi-year purchase for an annual policy.
The deductibles for professional liability insurance may range between $1000 and $25000, depending on many factors, like the size of the business, risk factors, and more.
PLI premiums can be paid monthly or yearly, depending on your preferences, and the options the insurance company offers. Paying monthly is more budget-friendly but paying annually might get you a discount.
Professional liability may cover claims of:
- Negligence
- Professional errors
- Oversights in services provided
- Missed deadlines
- Undelivered services
- And more!
Professional liability insurance limits range between $250,000 and $2 million. You get to choose the limits, seeing that the higher the limit is, the more expensive the insurance premiums get.
Yes, PLI covers the duty to defend, which means that the policyholders may sue the insurance company for not providing legal defense against covered claims.
The two primary types are:
- Claims-Made Policies: Cover claims made during the policy period, regardless of when the incident occurred. The policy should be active both when the event happened, and when the lawsuit was filed.
- Occurrence Policies: Cover incidents that happen during the policy period, regardless of when the claim is filed, even if the policy has expired.
Get a Quote Now!
Don’t let a small error cost your company a fortune.
Get a personalized online quote now!