Professional Liability Insurance in Raleigh, North Carolina

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Understanding the Basics of Professional Liability Insurance in NC

Professional Liability insurance in Raleigh, North Carolina, is a vital piece of insurance for working professionals who provide services to the public. It protects against financial loss due to negligence in fields such as medicine, law, or architecture. It is vital for professionals with a specific area of expertise because general liability policies do not protect against malpractice or negligence claims. For example, suppose a client sues you for financial loss, damaged reputation, or other forms of harm directly from your services. In that case, you will need professional liability coverage tailored to your business’s specific needs. A policy under the professional liability umbrella will pay for your defense and remittances awarded to the plaintiff if you are found liable. It also protects your professional reputation and prevents financial loss.

At Barber Insurance, we understand how crucial professional liability coverage is to our partners. We work tirelessly to fit your insurance needs and assure you that we have your back if something goes awry. With professional liability insurance from Barber, you can rest assured that you are covered should any unexpected lawsuits arise.

Professional liability policies from different insurance companies may have other terms of coverage. However, they are all designed to protect professionals from claims of negligence, error, or omission throughout service. It is important to note that coverage does not apply to legal suits covered under civil law and will only apply to perils listed on your policy. However, concerning covered situations, most policies will pay out regardless of whether you are found liable. Below are a few covered perils included in most professional liability policies.

  • Professional negligence or failure to meet standards of care.
  • Failure to deliver a promised service or timeframe
  • Violation of Contract
  • Errors, especially concerning medical malpractice
  • General Professional Misconduct

Professional liability, as opposed to other types of liability insurance, protects against financial loss. However, they do not typically cover bodily injury or property damage, the exceptions being for medical malpractice in addition to architects and engineers. Below is a list of situations NOT covered under professional liability, and that may require additional policies for proper coverage:

  • Employee injuries¬†
  • Bodily Injury
  • Customer Injuries
  • Discrimination Lawsuit
  • Work-Related Auto Accident
  • Property Damage

You should consider a general liability insurance policy for this type of peril. However, speaking with a qualified insurance agent, like the ones at Barber Insurance, will also help you establish what kind of liability insurance will be best for your business.

When it comes to insurance policies, it is essential that you understand what you are reading before you sign on the dotted line. However, this is most important when reading through professional liability contracts. Different types of contracts depend on your professional service, and they are not all equal. For example, “negligent act, error or omission” and “negligent act, negligent error, or negligent omission” have different meanings. Although they sound like the same thing, the former covers negligent acts and an error or omission not found to be negligent. The former only covers negligence and will not cover simple mistakes of error or omission.

To get the coverage you need to feel secure, it is vital that you work with an insurance agency set on ensuring that you understand your contract. It is also in your best interest to review any liability contracts you are considering with a lawyer specializing in liability insurance.

Professional Liability Insurance FAQ

Everything You Need to Know About Protecting Your Business

Who Needs Professional Liability Coverage?

North Carolina suggests that anyone who provides professional services obtain liability insurance, including lawyers, architects, accountants, tax preppers, home inspectors, technology experts, medical practitioners, and other specialized professionals. Call a Barber Insurance expert today if you are still determining what kind of insurance you need.

Are There Different Kinds of Professional Liability Policy?

Two central policies exist: claims made versus occurrence policies. Claims made policies only cover claims made while coverage is active. Anything filed after it has expired is not covered. Occurrences vary slightly in that claims made after coverage has ended, but that took place while the policy was active are handled.

How Much Coverage Do I Need?

Coverage will vary primarily due to your industry. For more information on how much coverage you need, please consult with one of our agents or an attorney specializing in liability insurance.

Is Professional Liability Insurance Legally Required?

While North Carolina law does not require liability insurance, it is highly recommended. Mistakes and lawsuits of this nature have extreme financial consequences and will tarnish your reputation and make it impossible to continue operating your business.

Protect Your Business With Barber Insurance

Experienced, Reliable, & Genuinely Helpful Insurance Service Provider

At Barber insurance, we understand that professional liability insurance is a critical piece of what gives your business the freedom to do what it does best. We also know that it is a long and arduous process. Our agents have experience providing the best coverage to professionals like yourself, so you can rest assured that your financial assets and reputation are protected if something unexpected happens.

As an insurance agency in Raleigh, North Carolina, we are acutely aware of what it takes to ensure an independently owned business. We have served Wake County for more than 20 years, so we are more familiar with the area’s business landscape and have a head start understanding your specific needs. We make it our job to listen intently to your insurance concerns and provide you with the coverage you need at your desired price.

There is a reason we have earned a reputation for experience, knowledge, and helpful assistance. Schedule your free consultation today and find out what it means to have confidence in your coverage.

Business owner signing professional liability insurance policy