Ramey King Insurance
Professional Liability Insurance in Texas
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What is professional liability insurance?
Professionals accept some risk every time they work with a customer, client, or patient. Should the professional make an egregious error in their work, the client might sue for damages. Professional liability insurance may help protect professionals working in Texas from this type of risk.
Professional liability insurance generally offers protection in case professionals make mistakes. In the event of a covered mistake, a policy would likely cover legal fees and a settlement.
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When does professional liability coverage make sense for someone working in Texas?
Most Texas professionals who are hired for their knowledge or skill should consider professional liability insurance. Policies are regularly purchased in the medical, legal, financial, consulting, and other fields. For example, all of the following might benefit from having a policy:
- Financial advisors, financial planners, asset managers, and wealth managers
- Surgeons, PCPs, specialist physicians, physician assistants, and nurses
- Chiropractors, massage therapists, and dentists
- Therapists, counselors, and mediators
- Defense lawyers, corporate lawyers, other attorneys, and paralegals
- College admissions consultants, IT consultants, and management consultants
- Leaders of nonprofit organizations, small businesses, and corporations
- Tradespeople, construction companies, and contractors
Each of these fields is different from the others. A specialized insurance agent, who knows professional liability coverage in detail, can help find a policy that’s suited for a particular field.
Typical Coverages
What kinds of professional liability policies do insurance companies offer?
Insurance companies have a few different types of professional liability policies that may be of interest. The most common ones are:
- Legal Malpractice Insurance for legal professionals
- Medical Malpractice Insurance for medical providers
- Errors and Omissions Insurance (E&O) for those who primarily give advice
- Directors and Officers Insurance (D&O) for those who lead organizations
E&O insurance is used by professionals in fields as diverse as the financial, real estate, consulting, and construction industries.
How does professional liability coverage work for employees?
Employees normally have some coverage under their employer's professional liability policy. However, this usually only applies to work that’s done for the employer.
For activities outside of primary employment, including side gigs or volunteering, professionals should consider obtaining their own coverage. This might help ensure they’re protected regardless of who they’re doing work for.
Do professionals need professional liability coverage when doing volunteer work?
Professionals might be sued for bad work even if they’re doing it free of charge. After all, a mistake made when offering volunteer services can still cost the client dearly.
Thus, professionals should consider protecting themselves with coverage when volunteering in a professional capacity. They may be covered under a charity’s policy, or may have to purchase their own.
Do all professional liability policies cover online work?
Most professional liability policies now cover online work. The majority of professionals render at least some services online, and therefore policies generally need to cover online services.
It’s always important to confirm a particular policy’s protections, however, and a few might not provide coverage for online services. A knowledgeable insurance agent can help professionals make sure their online work is included in a policy’s provisions.
What are the premiums for professional liability policies?
Premiums for professional liability policies vary widely. The field of work has a large impact on cost. For instance, medical providers should expect to pay higher premiums than real estate agents. Other factors that can influence cost include years of experience, official credentials, scope of work, and claims history.
To find out how much coverage will cost in a specific situation, professionals can work with an independent insurance agent. Independent agents aren’t linked with any single insurance company. They’re able to check quotes from several insurers.
Where can professionals working in Texas obtain professional liability insurance?
If you work in Texas and need professional liability insurance, reach out to the independent insurance agents at Ramey King Insurance. Our agents will work closely with you to find the right type of policy for the work you do.
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