Tag: Professional liability insurance in Indiana

Essential Insurance for Indiana Client-Based Businesses

professional liability insurance in Indiana.

An important part of running a business is the ability to protect your employees and clients in cases of personal or professional damage, negligence, or fraud. If this is a priority for your business, it is essential that you consider your options for professional liability insurance in Indiana.

Who Needs Professional Liability Insurance?

The types of businesses that should maintain these policies include those which are contracted to work directly with clients. Architects, engineers, surveyors, accountants, attorneys, advertisers, business consultants, insurance agents, interior decorators, designers, IT consultants, mortgage lenders, physicians, property managers, real estate agents, and dentists are all professions which can benefit from professional liability policies.

How do Policies Differ?

Not one single type of professional liability insurance in Indiana, however, will serve all of these fields. When considering your options for coverage, be sure to choose a provider who can customize your policy. Insurance packages may differ in their coverage limits, in features specific to the profession, in terms and conditions, and invalidity length (including after a professionals retirement). Effective policies work in many different ways to close coverage gaps to meet your company’s individual needs. All policies, however, should provide defense coverage, respond to allegations of negligence, protect the company’s reputation, and help obtain projects that have specific insurance requirements.

Whether you are a CPA, a lawyer, or an engineer, professional liability insurance in Indiana is a must.

Insurance Coverage Costs

professional liability insurance in Indiana

To protect a business from lawsuits claiming negligence or adverse outcome, business owners may consider purchasing professional liability insurance in Indiana. Also known as errors and omissions insurance, it can protect a business from claims when offering professional services or giving advice to clients.

Cost Factors

Several factors may be taken into consideration when determining the cost for an insurance policy.

  • Coverage Limits. Per occurrence and lifetime aggregate coverage limits impact cost. A business may also have contractual obligations to carry minimum coverage amounts.
  • Number of employees. More employees covered by the policy can increase the cost.
  • Employment status. Coverage for part-time business owners may be less than those working full-time in the profession.
  • Industry. The potential cost of errors may impact the cost. Mistakes made by engineers or architects, for example, may cause a building to collapse, while mistakes made by marketing firms may do minimal financial damage.
  • Risk types. Businesses with more exposure to data security breaches, property damage or workplace accidents may have a higher insurance rate.
  • Historical record. The number of insurance claims filed in the past may be representative of the current risk level and therefore impact cost.

Finding the Right Policy

When purchasing professional liability insurance in Indiana, the policy should be tailored to the business and its specific needs. Take the time to educate the insurance agent fully about the nature of the business and its inherent risk levels.