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CPR Training Centers and Instructors Need Professional Liability Coverage
Training centers and training center instructors require professional liability insurance to protect their financial interests. In fact, every training center should either purchase their own group coverage or require proof of insurance from their instructors.
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What is professional liability insurance?
Professional liability insurance, also known as Errors and Omissions Insurance or E&O Insurance, insures a person and/or an entity against claims made by third parties (clients, patients, customers, etc.), alleging negligence in the rendering of, or the failure to render, professional services.
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Why do I need it?
At any time and in any given situation, a dissatisfied individual can choose to bring a complaint against you. When people sue, they usually name everyone they perceive as having had anything to do with the situation…
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What exactly does professional liability insurance cover?
Generally, professional liability policies provide coverage for actual or alleged errors, omissions, negligence, breach of duty, misleading statements, and similar claims resulting from the performance—or non-performance—of professional services.
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Won’t my employer’s policy
cover me?
Even though you may be covered under an employer’s policy, this does not clear you from risk. You may still be liable for you own negligence, and as a result, all or part of a plaintiff’s award or settlement.
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How are my rates determined?
The policy premium is typically based on the following factors: the profession involved and the likelihood of a claim being brought, the potential severity of the claim, the number of years in practice, the number of professionals covered, annual revenues, location of the business and claims history.
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How is Claims Made and Occurrence coverage different?
Professional liability coverage is written on either an “occurrence” or “claims-made” basis. Neither basis is necessarily better than the other, but knowing which you have can be absolutely critical in preventing dangerous gaps in coverage.
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