Budget for Premiums

The cost of Professional Liability Insurance can vary quite a bit, depending on the occupation of the insured, the annual revenue of the business, the loss history, and the number of employees, as well as the dollar amount of coverage that is being purchased. Other factors, such as the location of the business, can also come into play in determining the cost of insurance. Perhaps surprisingly, certain areas of the country are far more prone to lawsuits than others, and some municipalities are known for large jury awards that can affect the total costs of claims and, ultimately, the cost of insurance. According to the United States General Accounting Office, a survey of Medical Malpractice Insurance premiums showed a range from $17,000 a year in Minnesota to $201,000 a year in Dade County, Florida. Meanwhile, other professions can obtain $1 million in coverage for less than $150 a month through specialized insurers that focus on insuring a variety of types of businesses.

In general, the budget for premiums will depend on all these factors and more. But the benefits of Professional Liability Insurance can be hard to ignore when one considers how much defending a business against a large lawsuit from a client could ultimately cost.

 

 

 

 

 

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