What is Professional Liability Insurance?
Professional liability insurance covers your liability in case of negligence by staff and Directors of your business against customers. This type of insurance can also be called professional indemnity insurance. If you have a business you will likely have a commercial policy in place to cover your contents and liability for customers while they are on your premise. It may be possible to include professional liability cover in this policy, but there are cases where this is not possible and a separate policy will be required.
Reasons you should have Professional Liability Insurance
If a customer feels you have acted negligently the threat of litigation will be greatly stressful to the whole business. The costs of which can also be high. When a customer sues your business for dissatisfied service, professional liability insurance can help you protect you from such claims. The insurance will cover you for compensation and the costs of defending yourself. These are the key reasons it is important to have a policy in place that will safeguard your company and the business’s future.
Specific Cover for Professional Liability Insurance
- Court costs and lawyers fees: International and Spanish lawyer fees are fully included, including the administrative costs and expert witness costs. In addition, Spanish court costs and settlement costs are included.
- Worldwide and USA Cover: When the cover is worldwide the jurisdiction is in the country where the claim is made. This is very important for policies that include the USA. There are very few insurance companies that quote for a business that works in the USA. A qualified broker will be able to source the best options if you work for clients based in the USA.
There are many professions and risks that are complicated and require clauses such as an additional insured to be written into the contract. Again, this is where a broker will be able to communicate with the underwriters to explain the necessary requirements.
Other Key Features of Professional Liability
- Coverage for Intellectual property rights: Whereby you would unknowingly use a name or logo for example, which was the same or similar to a competitor’s business.
- Damage to property or causing data loss: An example would be that you spill coffee on a client’s laptop causing damage and loss of data.
- If staff were to sue you for injuring themselves on your premises or due to the business’s negligence, the professional liability insurance would come into play.
- Defamation claims can affect your business’s image. This is where your name is affected by the actions of individuals or groups.
Is Professional Liability cover obligatory?
The Spanish government is now making it obligatory for the majority of new businesses to have professional liability insurance. Examples of businesses that need professional liability insurance before they open are financial registered businesses in Spain, “Inmobiliario” or Real Estate businesses, consultants of all types from web designers to marketing consultants. Lastly other professions that require this type of insurance are medical and iT consultants, assessors, lawyers, gyms and schools.
Other Types of Professional liability Insurance:
Public Liability insurance
Public Liability insurance protects you in the event you are sued for claims from customers on your premises. A standard business or commercial insurance policy will include public liability cover as standard.
Directors and officers (D&O) liability insurance
Directors and officers (D&O) insurance protect the personal assets of company directors and officers and their spouses. The cover is provided in the event the directors or spouses are personally sued by employees, vendors, competitors, investors, customers, or other parties. D&O insurance is more costly than professional liability insurance due to the larger scope of cover.
Margaret Hegarty Marbella and Dublin
People from every corner of the globe who come to settle in the Costa del Sol will need Insurance protection.
They should visit the Bsure team at their office where they will be offered Insurance knowledge and advise in an open, welcoming and professional manner. I would recommend Bsure Brokers without reservation. I have been with them for the past 20 years without a problem.
Ever since the turn of the Millennium we have done all our Insurances through Bloomfield's. This has formed a solid rock of security in our lives on the Costa del Sol.
Margaret & Chris W., Calahonda
My wife and I have been with Bsure Insurance Brokers since their inception over 25 years ago. We utilise a range of services including Home, Car, Medical and Travel and have always received rapid assistance and first class service whenever needed. David Bloomfield is a very helpful, and entirely professional, a qualified broker who has always managed to provide us with quality cover upon request, and is highly recommended.
Bsure have taken care of all my insurances for the past 12 years. During this time I have found them truly professional, independent and responsive. I have always felt they have been acting in my best interests when it came to advice and help.
Bsure Insurance has been looking after all my family’s insurance needs for nearly 30 years now and we can thoroughly recommend them. Not only do Phillip and son David provide excellent service but also great advice based on their years of local knowledge and experience. Bsure offer very competitive insurance products and I consider our Medifiatc Private Health policy one of the best available in Spain. We even have the dog insured through them!
We have used Bsure for all our insurance policies - car, household and Private Medical for many years. They have proved to be competitively priced and always respond promptly when we have needed help.
Bsure Insurance Brokers have taken care of our insurance needs for several years now.
We have had excellent service and you will be in good hands with this family run business.
Lynette Awcock (President Milenio)
Philip and David Bloomfield and the rest of the staff run this Family business. Bsure Insurance Brokers have been a delight to deal with in the 10 years I have been a client. They have secured on a personal level good rates for my health, car, and home contents Insurance.
Bsure have gone over and above the call of duty when the need has arisen to submit claims, and have dealt with my personal issues in an extremely efficient, polite and prompt manner.
As a result of Bsures dedication to its clients I entrusted them to negotiate and secure the Community of Milenio, Riviera Del Sol, its buildings Insurance the past 6 years. I would whole heartily recommend BSURE as your entrusted, faithful Insurance Broker.
Adam & Angela
We were recommended Bsure by friends when we moved to Spain in 2004, and have used them for private health, car and home insurance, and also travel insurance ever
Since. Competitive prices and good service, would recommend them,& have done so to everybody.
Jeremy J. Byrne, Marbella, and Dublin
I have been a customer of Bsure insurance company for the last fifteen years. I have trusted them with all my insurance such as travel, motor, house, public liability and in all those years they never let me down. They are efficient helpful well organised company who are always at your disposal. I cannot but highly recommend Bsure to anyone requiring there services.
Roy and Karin Cooke
My wife and I have been living on the Costa del Sol since 2006. We love our adopted country and are very grateful for all it offers for a healthy and a happy retirement. Settling-in takes time. One factor underpinning the feeling of security is insurance covering health, home and car. After a number of expensive and unsettling experiences we came across Bsure Insurance Brokers - a business run by the Bloomfield family.
All our policies now come under their umbrella underwritten by reputable international Insurance companies. Friendly and efficient, Bsure have provided the insurance covers we sought with the best cost-benefits and, most important, excellent customer service.
Thank you Bsure Insurance Brokers
Sally and Ben Nemenyi
Ben and I would like to thank you for all your kind assistance over the 12 years with all our insurance policies, home, travel, medical, and vehicle, of which there were 10 at last count! We are happy we have entrusted our business to you and for the prompt, friendly and efficient way our matters have been dealt with. Nothing is ever too much trouble for you. Wishing you continued success with your business and we look forward to working with you for many years to come.
Saad & Jenny Kaka
BSure have been our Insurance Brokers for the last 10 years - having been recommended
by a person who had been using their services for 18 years. The comfort of knowing that when you become a client of this personally run family business - any questions or problem big or small is always addressed in a friendly - efficient professional manner. Living abroad and needing to know your insurance affairs are in good hands is very reassuring. We highly recommend them to anyone who needs to have peace of mind for any insurance requirements.
It’s rare for any company to address all of my requirements, but that’s exactly what Bsure Insurance consistently do. Their service is always friendly, professional and efficient, David and Philip are very knowledgeable about the products on offer. What’s more, their quotes are competitive, which is why I have my car and home contents insured with them. David and his team have never let me down – I doubt you’ll be disappointed if you try them too!
Fermin. Marbella, Malaga.
My experience with Bloomfield Insurance has been very positive. When I first contacted them for a medical policy, they answered with a customised service and very competitive price. Now I have over seven policies with them. I appreciate the strong client relationship they offer, and their continuous involvement in satisfying the client.
I met Phil Bloomfield some 10 years ago when I moved to Spain. He first organised my car insurance, brilliant service. When I asked about Medical Insurance cover he recommended Medifiatc.I was on cover the very next day. Within a month I saw a specialist about my back and I had an op and Medfiatc covered the cost of everything. More recently, I saw a specialist cardiologist who put me into hospital the very next day for an op to fit a Pacemaker. Compliments of Medifiatc. Everything that Phil said was true but more so, I would say they are Brilliant.