Oakwood Insurance Agency LLC
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Oakwood Insurance Agency Downers Grove IL Professional Medical Malpractice Liability Insurance

Oakwood Insurance Agency  LLC offers professional liability insurance including coverages for medical malpractice insurance for doctors nurses and other health professionals in the DuPage County area including Addison Bensenville Bloomingdale Burr Ridge Carol Stream Clarendon Hills Darien Downers Grove Elmhurst Glendale Heights Glen Ellyn Hinsdale Itasca Lisle Lombard Oak Brook Oakbrook Terrace Roselle St. Charles Villa Park Warrenville Wayne West Chicago Westmont Wheaton Willowbrook Winfield Wood Dale Woodridge

Professional Liability Insurance


Professional Liability Insurance

Professional Liability Insurance coverage is designed to protect traditional professionals (e.g., physicians, accountants, attorneys) and quasi-professionals (e.g., real estate brokers, insurance agents, home inspectors/appraisers) against liability incurred as a result of errors and omissions in performing professional services. Although there are a few exceptions, most professional liability policies cover economic losses suffered by third parties, as opposed to bodily injury and property damage (which is typically covered under commercial general liability policies). The vast majority of professional liability policies are written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires.

Professionals are expected to have a certain level of technical competence in their particular discipline or field of expertise. It’s also expected that they will professionally and accurately perform their services, according to the common standards of conduct of their profession. For whatever reason, intended or unintended, if a professional person fails on the job, they can be held responsible for any harm they cause to another person or business.

Despite all your best efforts, well-trained employees and a strong best practices ethic, mistakes will occur. Even small mishaps can result in large lawsuits. That's why a professional liability insurance is essential of a comprehensive insurance program for most professionals.

If you are still unsure that professional liability insurance should be an integral part of your business insurance portfolio consider these claim scenarios.