Professional Liability Insurance
California Professional Liability Insurance
If you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions. Even the smallest error can have serious consequences. If a client believes damages are due to a mistake on your part they can sue your company. It is important to protect yourself against this potentially devastating liability. The cost of defending yourself in court can be huge, not to mention the restitution costs if you’re found at fault. A professional liability policy will cover these costs in the event of such a claim, which may otherwise financially cripple your business.
The insurance specialists at Paragon Insurance Services can help you build a comprehensive business insurance program.
How Does the Professional Liability Insurance Policy Work?
A professional liability policy will cover the cost of defending you or your company in court, along with any monetary damages awarded to the claimant due to an error or omission on your part. These policies are known as “claims-made” policies. This means that coverage is triggered when a claim is filed and you report it to the insurance company, since it is often hard to identify when the alleged error or omission originally occurred. Your work will be covered dating back to the earliest date of your continuous professional liability coverage. Policies typically have a one-year term, with an annual premium and deductibles on a per-claim basis.
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What to Look for in a Professional Liability Insurance Policy
Though you may specialize in certain areas, you likely handle a variety of projects and services and you’ll want your policy to reflect that. Depending on your needs, you may want to consider these components when choosing a policy:
- Pollution liability that covers sudden, accidental and gradual pollution
- Specific coverage for breach of a client contract
- Full civil liability coverage—not just negligence
- Coverage for breach of intellectual property rights
- Reimbursement of costs incurred to help reduce or avoid a claim
- Punitive and exemplary damages coverage
- Virus and hacking liability coverage
What is Not Covered
The following items are generally excluded from a professional liability policy:
- Unfair trade practices (e.g., you hire a competitor’s employee and subsequently take one of the competitor’s clients)
- Failure to pay a fee or invoice
- Willful or dishonest acts
Keep Your Business Protected! Get Your Quote Today!
Business owners have a lot to consider when choosing insurance that fully protects their business. At Paragon Insurance Services we offer complete insurance packages for many different business types. We have years of experience and products to provide you exceptional service and value to our customers. As a business owner, you take calculated risks everyday in order keep your business thriving. But what about the risks you haven’t considered?
We have many commercial insurance policies to choose from:
Learn About the Paragon Insurance Services Client Philosophy!
Safety and Compliance
- Employee Manual
- Base Safety Programs
- Human Resources
- Employee Training
Insurance & Risk Management
- Basic Policies - Liability
- Basic Policies - Employee Benefits
- Employee Benefits
- Contractual Transfers
Annual Policy Reviews – What are We Talking About?
Every year at about a couple months before your policy renews with Paragon, we will reach out to you to review your policies prior to their renewal so that we can ensure that you are STILL with the Right Insurance Company, with the Right Coverage, and paying the Right Price.
If you decide you’d like to be quoted with other Insurance Companies you can quickly schedule a time for an in-depth market review where our team will re-quote your policies and provide you with the options so you can make the best decision possible.
California Full Service Insurance Agency
Paragon Insurance Services is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more. The Paragon team has developed an “insurance cost reduction” quoting plan, that provides you with the best coverage at the best rate!
Our office is located in Folsom, CA and services the Sacramento Valley, California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business.
Contact us today 1-916-353-1023 for your comprehensive professional liability insurance policy quote!