professional insurance
Professional Insurance Evaluations – TV Coverage Part 5
what is the cost of professional liability insurance for an independent caregiver?
Location: California
Care provided is non-skilled/ custodial only.
The care receiver is my domestic partner.
Long term care policy says I must have professional liability insurance “to protect the care receiver from any injuries sustained due to care provided”.
Both our names are on our homeowners policy – which has a $2 M personal umbrella policy (apparently not adequate)
Personal umbrella, or homeowners, won’t cover any business pursuits – including professional liability. So it doesn’t matter WHAT the limit is, it’s not covered. Also, as you’re both named insureds, it won’t cover one of you, if the other one of you is being sued (or in your case, if your partner dies, and their child/parent/sibling/legal next of kin blood relative sues you on behalf of your partner’s estate), the homeowners and umbrella policy ALSO won’t protect you. So think about that.
What type of medical license do you have? If you aren’t at least an LPN, you’re not going to get the liability coverage. It’s basically medical malpractice. If you don’t have the LICENSE to practice, you can’t get the insurance, that covers if you mess up.
AND, you’ll also have to have general liability coverage (another business coverage). My guestimate on the cost for both of these is $2500 a year, assuming you’re the only employee.
Professional explained:
As a practicing professional, you must have heard of professional indemnity insurance policy. Unfortunately, most professionals are still unclear about offerings of professional indemnity insurance that can provide a solid financial back-up. In this article, Weâ € ™ ll a beginnerâ € ™ s Guide to the professional liability insurance:
What is professional liability insurance?
It is a form of insurance that protects a practicing Professional from third-party claims by dissatisfied customers in the course of the service provided to them. Even the most respected and well established not eliminate the risk of errors, omissions and negligence. In addition to these factors, a professional liability for the averting situations such as violations of intellectual Property, loss of confidential data / documents, dishonesty, and how others will be taken.
How It protects a professional?
A good insurance protects a professional in so many ways.
– In situations where a professional commits an error, or goes into a dispute with a customer and turned into a nasty legal battle between the two parties. You can claim insurance policy by paying all legal costs and compensation claims to defend.
– Sort A good insurance, you can your problems in the first stage only. They have no problems if they become large and worst . Suffer
– In case you have lost a few important documents and data while working for the customer, you are liable to pay compensation for the damage. Situations get involved in any theft in which your employees work, you will be liable for the compensation paid.
Additional benefits:
With a professional, you can claim access to specialist staff and consultants who know about your working model. You can also the help of a specialized defensive team, fighting for your interests in a court. Professional liability insurance also minimize your business process costs. Insurance providers work hard to protect your honor and credibility as an expert professional.