What are the costs associated with professional liability insurance?

Professional liability insurance is a type of insurance policy used to cover the costs associated with claims or lawsuits alleging negligence or wrongful acts by a professional or their employees. In Washington, individuals or companies offering professional services such as accounting, legal advice, or consulting services can purchase professional liability insurance to cover any claims or lawsuits they may face related to their services. The cost of professional liability insurance varies depending on the type of business, the scope of services provided, and most importantly, the amount of coverage requested. A basic policy can typically range from several hundred to a few thousand dollars. The more coverage you purchase, the higher the cost. When it comes to cost, professional liability insurance premiums may not be the only expense associated with purchasing a policy. Deductibles, which are the portion of any claim or lawsuit that are covered out of pocket by policyholders, can also add to the costs associated with liability insurance. Deductibles are typically determined by the amount of coverage requested and can range from a few hundred to several thousand dollars. Some policies also come with additional fees or services, such as legal defense costs. These costs, which are usually a percentage of the policy limit, can add up quickly if a claim or lawsuit is brought against a professional or their business. In order to determine the total costs associated with a professional liability policy, it is important to talk with an insurance agent who can help you understand the costs associated with each type of policy.

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What are the costs associated with professional liability insurance?

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