Professional Liability Insurance in Jacksonville, FL
Your business strives to deliver consistent and desirable services to clients. However, regardless of experience level or dedication, mishaps and accidents may not always be avoidable. Even for a business with an otherwise sterling record of reliability, a single error can incur devastating financial consequences and costly reputational damage. That’s why a comprehensive understanding of professional liability insurance should be a top priority for your company.
Who Needs Professional Liability Insurance?
Also known as errors and omissions insurance, these policies should be considered integral components of adequate loss control measures for any business that provides professional services or advice. Specifically, those in the following industry may find professional liability coverage to be a particularly valuable investment: 
- Accountants
- Architects
- Consultants
- Contractors
- Engineers
- Financial advisors
- Health care professionals
- Market research firms
- Real estate professionals
Professional liability insurance may go by other names, such as medical malpractice insurance, which is typically required by law for health care organizations and providers.
How Much Does My Insurance Cost?
Like many types of insurance, rates for professional liability coverage may vary significantly depending on your business’s unique circumstances. While the weight given to various criteria may change among carriers, you can generally expect the following to be considered:
- Type of business—Your company’s operations and functions are significant as insurance companies weigh risk levels.
- Location—The cost of legal expenses can vary depending on your location, meaning insurers may need to charge more if you live in an area where they could be higher.
- Number of employees—As a general rule, the more people you employ, the more you’ll have to pay for professional liability coverage. A larger workforce is generally perceived as being more likely to commit errors.
- Experience level—Newer businesses may often be charged more for professional liability insurance than those with a longer track record of experience in their trade.
- Claims history—If there’s a history of clients filing professional liability claims against your company, you can generally expect rates to be higher.
- Policy details—Your deductible and coverage limits directly influence your premiums.
We’re Here to Help
Contact Gator Auto Insurance Agency Inc today to learn more about professional liability coverage or to compare personalized quotes.