Do employers typically provide professional liability coverage to professionals?
Employers often carry professional liability policies that extend coverage to their employees. However, professionals should consider a few factors before solely relying on an employer’s policy.
Firstly, an employer’s policy usually covers only employees. Independent contractors and subcontractors are less frequently included in an employer’s coverage.
Secondly, an employer’s policy generally applies when performing work for the employer. The coverage likely won’t extend to side gigs or charitable work, although other businesses and nonprofits might have their policies that apply in those situations.
Before depending on employer-provided coverage, professionals should discuss their situation and employer’s policy with an experienced insurance agent. An agent can explain in more detail the different scenarios where an employer’s coverage may or may not offer protection.
What factors influence the premiums for professional liability policies?
Premiums for professional liability policies can vary greatly. Factors such as the field of work, level of work (e.g., nurse vs. doctor), number of people covered, and recent claims history are just a few details insurance companies typically consider. Rates can also differ by state and numerous other details.
The most straightforward way to determine the cost of professional liability in a specific situation is by comparing customized quotes from different insurance companies. An independent insurance agent, unaffiliated with any particular insurer, can assist in obtaining custom quotes quickly.