What Is Professional Liability Insurance?

Occupational liability insurance is also called "occupational compensation insurance". Underwriting professional and technical personnel due to occupational negligence or negligence, causing the other party to the contract or other persons to suffer personal injury or property damage, and shall be liable for compensation insurance. Its insured objects include doctors, accountants, architects, engineers, lawyers, insurance brokers, exchange brokers and other professional and technical personnel. Units that are engaged in professional technical services are generally insured. Occupational liability insurance is only responsible for the liability of professionals for negligence or negligence when engaged in their jobs, and not for liability for activities that are not related to their job. In addition to being responsible for the insured himself, the policy may also include liability for compensation caused by negligence in the work of its employees, as well as the predecessor's business predecessor and the employee's predecessor. Occupational liability insurance generally adopts the principle of interim claims. Excluded liabilities include: Loss caused by dishonest, criminal or malicious acts of the insured, employees and their predecessors or their predecessors; claims for loss of documents or losses; Any claims; claims for defamation or malicious slander of others by the insured. ^[1]

Professional liability insurance

Right!

Occupational liability insurance is also called "occupational compensation insurance". Underwriting professional and technical personnel due to occupational negligence or negligence, causing the other party to the contract or other persons to suffer personal injury or property damage, and shall be liable for compensation insurance. Its insured objects include doctors, accountants, architects, engineers, lawyers, insurance brokers, exchange brokers and other professional and technical personnel. Units that are engaged in professional technical services are generally insured. Occupational liability insurance is only responsible for the liability of professionals for negligence or negligence when engaged in their jobs, and not for liability for activities that are not related to their job. In addition to being responsible for the insured himself, the policy may also include liability for compensation caused by negligence in the work of its employees, as well as the predecessor's business predecessor and the employee's predecessor. Occupational liability insurance generally adopts the principle of interim claims. Excluded liabilities include: Loss caused by dishonest, criminal or malicious acts of the insured, employees and their predecessors or their predecessors; claims for loss of documents or losses; Any claims; claims for defamation or malicious slander of others by the insured. ^[1]

The characteristics of professional responsibility are:

First, it is a liability accident caused by highly technical work;

Second, it is not only related to human factors, but also to the lack of knowledge, technical level and raw materials;

Third, it is limited to liability accidents that occur when technical workers are engaged in their jobs.

Claim-based underwriting

The so-called claim-based underwriting method is

In general, the following factors need to be considered when formulating the rates of professional liability insurance: First,

In terms of compensation,

Medical professional liability insurance

Medical professional liability insurance is also called doctor misconduct insurance. It covers medical personnel or their predecessors' death or disability, exacerbation of the disease, increased pain, etc. due to medical liability accidents. The victim or his family claims compensation and should be provided by the medical party Responsible financial compensation.

Medical occupational liability insurance takes hospitals as the object of insurance, and generally adopts a claim-based underwriting method.

Lawyer Liability Insurance

Lawyer's liability insurance covers legal liability for all negligence, mistakes or omissions in professional services that the insured or his predecessor as a lawyer has in his capacity, including all insults, defamation, and compensation for the insured Personal injury or property damage to a third party that occurs or is caused by a person at work.

The underwriting basis of the lawyer's liability insurance can be determined based on the occurrence of an accident or a claim. It usually uses a combination of the main insurance policylegal negligence insurance and additional liability insurance policyextended limits. In addition, there are provisions for deductibles, and their exclusions generally include liability for dishonesty, fraud, and bad intentions.

Accountant Liability Insurance

Accountant's liability insurance covers those who are legally liable for the insured or its predecessor or the insured for whom they have been legally responsible for causing losses to others due to violations of their duties and obligations in the accounting business. , But excludes bodily injury, death, and physical property damage.

Construction, engineering and technical personnel liability insurance

Construction, engineering and technical personnel liability insurance covers occupational and technical risks of property losses and personal injuries caused by the negligence of architects, engineering and technical personnel, or other parties, and resulting in financial liability. Construction, installation and other types of technical personnel, inspectors, project management personnel, etc. can be insured for this type of insurance.

Other types of insurance

In addition, there are a variety of professional liability insurance services such as beautician liability insurance, insurance broker and insurance agent liability insurance, and information processor liability insurance, which are also popular insurance types in the developed insurance market.