Professional Liability Insurance in Illinois

What is professional liability insurance?

Providing professional advice or services in Illinois comes with some risk, as you might be held liable for any mistakes made. A major mistake could result in a major lawsuit. That’s why there’s professional liability insurance.

Professional liability insurance generally protects professionals against claims of negligence and other errors. Policies may pay legal fees and settlements for covered mistakes.

Who in Illinois needs professional liability coverage?

Professional liability coverage is required for many professionals working in Illinois, and recommended for many more. Anyone with expertise might want coverage when providing advice or services.

Of course, this means that professionals in many different fields get these policies. The following are merely some examples of who might get this type of coverage:

• Medical providers such as doctors, physician assistants, and nurses
• Medical providers such as dentists, optometrists, and chiropractors
• Legal professionals such as lawyers, mediators, paralegals, and legal secretaries
• Financial professionals such as investment advisors, asset managers, and wealth planners
• Real estate professionals such as real estate agents and brokers
• Consultants such as management, marketing, or career consultants

Sometimes those working in the skilled trades might also get professional liability policies. It could help protect electricians, plumbers, roofers, landscapers, and other trade professionals when advising customers.

Are there different types of professional liability coverage?

Professional liability coverage is regularly tailored for specific professions, and there are thusly several different types of coverage. Four of the most common ones are:

• Medical Malpractice Insurance for the healthcare field
• Legal Malpractice Insurance for the legal field
• Errors & Omissions Insurance (E&O) for giving advice
• Directors & Officers Insurance (D&O) for senior leaders

E&O insurance is widely used in the financial, real estate, and consulting fields, where the primary service offered is advice. D&O insurance is primarily for senior leaders whose decisions have a large impact on their organization.

Do employees receive professional liability protection from their employer?

Professionals who are employees of a business or nonprofit often have at least some professional liability coverage through their employer. There may be exceptions, though.

Additionally, any employer-provided coverage is unlikely to apply if taking on additional freelance work or doing pro-bono volunteer work. A volunteer agency might have its own professional liability that applies, but this is far from a given. 

Anytime employer-provided coverage either isn’t available or doesn’t apply, professionals may want their own policy. An insurance agent who knows professional liability can help determine whether professionals should get their own, individual coverage.

Do independent contractors need their own professional liability policies?

Independent contractors shouldn’t assume that the business they work for provides them with professional liability protections. Sometimes hiring businesses do have professional liability that they extend to contractors, but other times businesses don’t give contractors coverage.

Independent contractors should review their situation with a knowledgeable insurance agent. An agent can review whether an individual professional liability policy should be obtained.

Is online work covered by professional liability policies?

With the increase in remote working, most professional liability policies now include coverage for working online. However, it’s important to confirm that a specific policy covers working online. This is something a knowledgeable agent can assist with.

How much do professional liability policies cost?

The cost of a professional liability policy depends on many factors, not the least of which is a professional’s line of work. Their credentials, experience, and claims history are some of the many other factors that insurers consider. 

Because insurance companies look at many different factors, rates for professional liability policies can vary dramatically. To find out how much coverage will cost in a particular situation, professionals can check different insurance quotes with an independent insurance agent. Independent agents are able to check quotes from several companies.

Where can professionals in Illinois find professional liability insurance?

If you’re in Illinois and need professional liability insurance, reach out to the independent insurance agents at Gee-Schussler Insurance. Our agents have helped professionals in many different fields find coverage, and we’ll make sure you get a policy that’ll protect you well