What’s Covered By A Florida Professional Liability Insurance Plan?

Florida professional liability insurance is an essential investment for professionals in a vast array of different fields, including attorneys, accountants, real estate agents, architects and designers, physicians and dentists, veterinarians and others who offer a professional service.

Florida professional liability insurance can provide tremendous peace of mind since the policy holder will have the knowledge that they are protected from a potentially costly lawsuit. But what’s covered by professional liability insurance?

Florida Professional Liability Insurance Covers Negligence

Negligence is one of the most common areas of concern for business professionals working in many different fields. An allegation of negligence implies that the professional failed to take appropriate actions while performing a business transaction, administering medical care or in the course of other professional dealings.

Negligence is rather difficult to prove in court, but it also represents one of the most common legal issues that professionals can face. Therefore, it’s crucial that you choose a Florida professional liability insurance plan that covers negligence.

Professional Liability Insurance Covers Inaccurate Advice

If a client or patient alleges that a professional provided poor advice or counsel, this can serve as grounds for legal action. The lawsuit typically alleges that some form of damage or loss resulted from a professional’s incompetence or an act whereby erroneous information was unintentionally dispensed.

If the inaccurate advice had been intentionally dispensed, this would likely fall under the realm of a violation of good faith, which is typically a separate area of insurance coverage.

Florida Professional Liability Insurance Covers Misrepresentation and Violation of Good Faith

In the state of Florida, professional liability insurance plans may cover allegations of misrepresentation and violation of good faith. Misrepresentation allegations may be filed if a client or patient feels as though the professional misrepresented himself or his offerings.

A violation of good faith is a bit different. A violation of good faith allegation may be filed if a patient or client believes that the individual intended to defraud or deceive the client at some point during their interactions.

Do You Need Liability Insurance?

While Florida professional liability insurance does require the payment of a monthly premium, it’s important to think of this expense as an investment in the future; a safeguard for your career and your business venture. That’s because a single claim can progress into the litigation phase and without liability insurance coverage, a steep award in favor of the plaintiff can quite literally spell the end of an individual’s career and business.

Each Florida professional liability insurance provider is unique, so it’s important to read the fine print and perform thorough research into the insurance policy that you’re considering. It’s essential that the coverage level is suitable for the type and degree of risk in your field. After all, liability insurance coverage offers little benefit if it only covers a small portion of the potential damages.