Professional Liability

Professional Liability Insurance

Those who render professional services do their best to keep their clients’ or patients’ best interests in mind. Still, even the most conscientious providers can make a mistake that causes injuries or damage to others. If an injured party decides to sue, it could have financial consequences that may lead to the closing of a business or practice.

Prime Insurance Company offers professional liability insurance to reduce the policyholder’s exposure and provide true peace of mind. If you’re an agent or broker, you can help your clients get the coverage they need to safeguard their assets — and grow your business in the process. We are committed to providing solutions for property and casualty risks including business, professional, wrongful acts coverage, and personal lines.

We provide unique solutions for risks that are denied by other markets. Many have found us to be a valuable resource for their business.

Since 1992, we have provided professional liability coverage to medical and health professionals, midwives, volunteers, police officers, firefighters, teachers, and administrators just to name a few. Additionally, our in-house legal staff has successfully managed over 60,000 specialty liability, professional, or property claims. Professional liability insurance provides indemnity to the insured against loss arising from any claim during the policy period by reason of any covered neglect, error, or omission committed in the conduct of the insured’s professional business.

Professional Liability Coverages

Examples of the professional liability coverage options available with our all-in-one policies include:

• Alleged Assault & Battery Liability: This coverage protects the insured against allegations of assault, which is defined as threatening behavior against another, and battery — the intentional harmful touching of another without their consent.
• Alleged Sexual Abuse & Molestation Liability: This insurance offers coverage for allegations of sexual misconduct made against the policyholder or employee.
• Commercial Liability: This plan provides general liability coverage for bodily injury or property damage sustained by third parties during the administering of professional services.
• Customized Specialty Liability Coverage: This insurance provides coverage for specific incidents or events pertaining to the policyholder’s business or occupation.
• Excess Coverage Available: We offer additional professional liability protection for claims that exceed the limits of an underlying policy.
• Libel and Slander: Coverage for defamatory statements that are either written or oral.
• Malpractice: This type of insurance covers errors and omissions made by physicians, nurses, and other health care providers when administering medical services.
• Negligence and Alleged Negligence: This provides coverage if someone is claiming you failed to use reasonable care that resulted in damage or injury to a third party.
• Wrongful Acts: This coverage applies to any actual or alleged error or breach of conduct that occurs when providing professional services.

Professional Liability Examples

Here are some examples or scenarios of professional liability coverage that we can help with:

• Architects and engineers building and fixing condos, leaks, and situations made worse by tragic events and natural disasters.
• D&O coverage for condo/homeowner associations
• Nursing homes and assisted living facilities
• Mortgage field service providers – people that secure reprocessed homes either owned or rented. They might change locks, maintain landscape/winterize the property, etc.
• COVID-19 coverage – the United States is entering another phase. Any entertainment and/or festivals and concerts will need to consider this type of coverage.

Professional Business Insurance With Reliable Support

Delivering superior service to producers and our valued policyholders is always a top priority at Prime. Our in-house underwriting team works hard to expedite the application process and find out-of-the-box solutions tailored to the unique needs of high-risk clients. When it’s time to file a claim, our 24-hour hotline is a vital resource for initiating the process promptly. We also offer risk management services that can help policyholders reduce their exposure and lower their insurance costs.

Other Advantages for Producers

When you guide your professional liability insurance clients to Prime, you’ll be able to boost your business in many ways. We offer:

• Customized solutions: We don’t adhere to a one-size-fits-all insurance philosophy. We can find creative ways to deliver the exact coverages your policyholders require. We can also fill the gaps and exclusions in their current programs.
• No minimum production requirements: We give agents and brokers the flexibility to write as many or as few policies with us as they need to. Policies can also be at any premium amount. We strive to make working with us as easy as possible.
• Premium financing options: We can also make high-risk coverage more budget-friendly with premium financing via our affiliate, Greenlight Premium Finance. You’ll be able to provide the best insurance program for your clients while spreading the cost over time. With more affordable options, you can also improve retention.
• A partnership approach: Unlike many of our competitors, we believe that selling insurance should be a team effort. We’ll collaborate with you and your clients throughout the application process and beyond, resulting in a win-win situation for everyone.
• Profit-sharing opportunities: To further illustrate how much we value your business, we also provide access to a profit-sharing program for agents and producers. The more policies you write with us, the more you can earn over the years.

Partner With a Financially Stable Insurance Provider

Financial stability is a crucial factor when selecting a professional liability insurance partner. Prime has earned an “A” (Excellent) rating from AM Best, a global credit rating agency dedicated to serving the insurance industry for nearly 125 years. AM Best evaluates criteria such as operating performance, balance sheet strength, and business profiles on a qualitative and quantitative basis when making its determination. With our rating, you can rest assured that we’ll be there for you and your clients when you need us most.

Prime has also earned a Financial Stability Rating® of A” (A Double Prime), Unsurpassed, from Demotech, Inc. The most current Financial Stability Rating^® must be verified by visiting www.demotech.com.

What to Submit

Prime has simplified the process of applying for professional liability coverage to save time and reduce the red tape:

• Complete the General Application. Be sure to specify the limits requested
• A 5-year claims history

Once we’ve received the application and supporting documentation, we’ll schedule a phone call between the producer, applicant, and our underwriting team to discuss the risk further and gather any additional information needed to complete the evaluation. We’ll then issue a quote as soon as possible. If the policyholder agrees to the terms and pays any required initial premium, we’ll bind coverage without delay.

Give us a call at 800-257-5590 or contact us online if you have questions about our professional liability insurance plans.