Professional Liability Insurance in Jacksonville, FL
As one of the largest cities in the Sunshine State, Jacksonville has a bustling business community. However, such activity requires companies of all sizes and sectors to account for various risks and exposures, including those related to professional liability. Regardless of how careful or experienced your company may be, errors and accidents are inevitable. In the wake of these unfortunate situations, professional liability insurance may make all the difference.
What Is Professional Liability Insurance? 
Also known as errors and omissions insurance, these policies can play a critical role in helping your organization manage the aftermath of mistakes and unexpected difficulties. As a business owner, you strive to deliver high-quality and dependable services to clients. However, circumstances, including those beyond your control, may disrupt this goal. In such situations, your clients may accrue financial losses for which they blame you.
Professional liability insurance can allow you to tap your policy for financial assistance, such as to help pay for legal representation, court costs, expert witness fees, settlements and judgments. In many cases, your coverage may help respond to the following accusations:
- Professional errors
- Incorrect advice
- Negligence
- Omissions
- Oversights
- Missed deadlines
- Breaches of contract
- Misrepresentation
How Much Coverage Does My Business Need?
There’s no exact formula to calculate your business’s professional liability coverage needs. Since every company has specific unique characteristics, their coverage needs may vary significantly. When considering the necessary limits for your policy, consider the following aspects of your company:
- Industry
- Client details (e.g., types of clients and how many you have)
- Location
- Experience levels of workers
- Financial assets
- Estimated annual revenue
What Is the Difference Between Professional Liability and Malpractice Insurance?
Professional liability insurance is a general term used across many industries and refers to coverage that can help financially respond to allegations of improper services. Malpractice insurance, also known as medical malpractice insurance, is a specialized form of professional liability coverage intended for the health care sector. For example, these specialized policies may help pay for losses and damages if a doctor misdiagnoses a patient or a surgeon makes a mistake during a procedure.
Get the Right Coverage
Contact All Florida Insurance Options Inc today to learn more about professional liability coverage or compare personalized quotes.