What are the costs associated with professional liability insurance?

Professional liability insurance is an important form of protection for businesses and professionals in Tennessee. It provides coverage for damages or injuries caused by errors, negligence, or malpractice. The cost of professional liability insurance depends on a variety of factors, such as the type of business and the level of coverage needed. Some costs associated with the policy include premiums, deductibles, and self-insured or excess retention. Premiums are the amount of money paid to the insurer for the coverage. A deductible is the amount that must be paid out-of-pocket before the insurer will cover any additional costs. Self-insured or excess retention is when a business pays a certain amount of the costs from their own funds before the insurer will cover the remaining costs. The cost of professional liability insurance for businesses and professionals also depends on the risk associated with their profession, as well as the size of their business. Riskier or larger businesses may have to pay more for coverage than a smaller business or one in a low-risk profession. In addition to these costs, businesses may also have to pay taxes associated with their professional liability insurance coverage. These taxes help to fund the regulatory body responsible for overseeing all professional liability claims in the state of Tennessee.

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What are the costs associated with professional liability insurance?

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