Professional Liability Insurance Cost

The cost of Professional Liability Insurance policies varies widely depending on what kind of professional is being insured. Medical Malpractice Insurance policies can cost tens or even hundreds of thousands of dollars a year for doctors in certain often-sued specialties in expensive parts of the country. Meanwhile, according to a survey by the Professional Photographers of America, a trade group, most of its members pay between $1000 and $1500 a year for Professional Liability coverage. Several things will determine the cost of a Professional Liability Insurance policy. The first and usually most important factor in determining cost is the nature of the business being insured. Some kinds of businesses are much more likely to get sued than others. The second is the amount of coverage that the business requires. This is tied to the exposure to possible claims, since a professional who is more likely to get sued is probably going to need more insurance than someone in an occupation that rarely faces these kinds of suits and settlements.

The size of the business is also a factor in determining cost. Businesses with larger revenues and many employees may need more insurance than a one-person operation. An insurance company will also look at the businesses past claims history does that business itself have a history of these kinds of claims? What policies and procedures the business has in place to make sure work is done properly and to handle unhappy clients may also be taken into account. In some cases business owners may be able to cut the cost of insurance by improving its contracts, employee training, or other business practices. As is the case with most business insurance quotes, it pays to shop around.

 

 

 

 

 

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