How Much Is Professional Liability Insurance?
Many factors can impact the cost of professional liability insurance, including:
- Total coverage
- Limits on the policy
- Deductible amounts
- Perceived level of risk
- Size of firm
You can lower these costs by starting the shopping process long before you buy. This gives you the chance to comparison shop for the policy that best suits the needs of your business.
With this coverage in place, you'll be protected from liabilities and claims if your clients hold you responsible for any errors, omissions, malpractices, or failures to provide services outlined in any pre-established contracts.
Regardless of the insurance coverage you choose, make sure your professional liability policy fits within your own budget. Factor every element of the policy into your upfront and recurring costs, and make sure your deductible is reasonable and within your firm's budget.
Keep in mind though that the most comprehensive policy may save your firm money in the long run by covering items another policy might exclude. After all, a professional liability policy won't be much help if you get sued over something the policy doesn't cover.
Your professional liability insurance should be carefully designed to fit your exact needs. Your policy should be based on what it provides for your business, not on the cheapest price possible.
You can also lower your cost of coverage by implementing office procedures that limit the likelihood of errors, thus making you look like a safer risk to insurance companies.
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