Albuquerque Professional Liability Insurance

Professional liability insurance is a specific type of business liability insurance that is geared to protecting professionals. Since people turn to professionals for expert advice or service, when a professional fails to meet a high standard of conduct, he or she may be liable for any damages that arise as a result of negligence, malpractice, errors and omissions or contract performance disputes.

While people generally think of doctors and lawyers as needing Albuquerque professional liability insurance, the truth is, there is a vast array of service providers that should consider carrying this insurance to protect their best interests in the event of a lawsuit. Such professionals include: accountants, consultants, architects, real estate brokers/agents, Web site developers, personal trainers, social workers and anyone who offers advice or service to clients.

If you are a professional seeking to protect your practice, there are two main types of professional liability policies to consider:

1) Occurrence
Occurrence policies offer coverage for any damage that takes place during the policy period, regardless of when the claim is reported. So, if you change insurance carriers or increase your insurance limits over time, the exact policy you had at the time an incident occurred is the coverage that will apply to professional liability claims.

2) Claims-made
Claims-made policies offer coverage for any damage that is reported during the policy period. So, if a claim is filed for an incident that occurred before your current coverage became effective, the claims-made policy you have at the time the claim is reported (not the policy you had at the time the incident occurred) will cover costs up to your current policy limit.

Understanding these types of professional liability insurance is imperative to selecting the best New Mexico liability insurance for your needs. We would be happy to sit down with you and explain the nuances of each type of policy so that you can make informed decisions about your liability protection.

For over 25 years, Cress Insurance Consultants has been providing businesses with professional advice on Albuquerque liability insurance. We know that you’ve worked hard to get where you are—we’ll make sure your business and personal assets are protected from lawsuits that may arise in the course of doing business. By taking the time to get to know you and the unique insurance needs of your business, we can recommend the best insurance coverage for maximum protection.

Call 505-822-8114 to get more information about professional liability insurance and other types of New Mexico liability insurance today!

Cress Insurance Consultants
Large enough to handle all of your insurance needs. Small enough to care.