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.

 

check 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, the 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.

 

check Specific Cover

  • 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 USAThere 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.

 

check Other Key Features

  • 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.

check Is the 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.

check What types of professional should have the policy?

Business owners, consultants and professionals that have interaction with customers should think of having cover.

Entrepreneurs and Business Owners

IT professionals and Consultants: Programmers, developers, contractors and IT consultants.

Graphic Designers and Marketing Consultants: Interior designers, graphic designers, web designers among others.

Fitness professionals: Teachers, personal trainers and gym instructors, kick boxing to yoga teachers would be well advised to have cover in place.

Tutors and teachers: Academic or others.

 

Other Types of Liability Insurance:

Professional Liability check 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.

check 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.

Summary

New businesses often ask the question if the cover is not obligatory should I take out a policy? Even older businesses can ask this question. Costs of running a business are always going up and do not tend to decrease, so it is sensible to cut costs where you can. However, we have seen even big corporate companies come unstuck by not having sufficient cover in event of a law suit which they lose. Staff have ever increasing working rights and so it is not only customers that businesses have to be careful of.

Liability insurance does not have to be very expensive. As brokers we can look at the risk you have, since a coffee shop will not have the same risk as a construction company for example. By contacting a qualified professional you will also be assured of having a policy which is not limited. For example some customers require coverage for work carried out after they leave a clients premises. This type of cover is called a guarantee of work and does cost extra but at least you and your broker can assess the cost and come to a decision whether it is worth including.

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We have used Bsure insurance for all our Spanish insurance policies for over 20 years and we have always been very satisfied with the professional service we receive.
I have come to know Philip, David and Rachel over these years and they are all nice people to deal with.

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If you are an English-speaking person who has any insurance needs, you simply MUST contact David Bloomfield of BSURE Insurance!”

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David gave very clear information on all aspects of my MedifiatC policy which I needed with NO Co payments to apply for my Spanish Residencia.

This was more important as my first time doing a private health insurance

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I found David to be professional and extremely responsive to our needs providing an efficient timely service.

I would highly recommend him .

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Been recommended Bsure when moving to Spain nine years ago. Had them ever since.
Great service, friendliness and professional at all times. The best insurance company I’ve ever had anywhere in the world/ Richard from Sweden

Richard Palo

Very professional advisers with good knowledge of the market. It really helps that they speak English and are ready to help to deal with all the paperwork and other communication with insurance company in Spanish.

We spent a lot of time discussing options and have received answers to all our questions. Highly recommend !

Anna L

I am delighted with the help Bsure Insurance has provided me for buying Spanish Health able to meet all the requirements of a TIE application.

Very responsive to all my emails and explained everything as we went through the process. Excellent company!

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“I also spoke with David’s dad Philip and claims consultant Araceli, and they were equally professional, caring and helpful. If I was able to give Bsure 10 stars (out of 5) I would have. AMAZING, EXCELLENT, CARING, PROFESSIONAL Insurance Broker. David, Philip, Araceli, thank you for your brilliant service”

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Ken

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.

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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.             I doubt you’ll be disappointed if you try them too!

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“After a number of expensive and unsettling experiences we came across Bsure – a business run by the Bloomfield family. All our policies now come under their umbrella underwritten by reputable companies. Friendly and efficient, Bsure have provided the insurance covers we sought with the best cost-benefits and excellent customer service. Thank you Bsure”

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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.

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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 and have done so to everybody.

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Lynette Awcock

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.

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We have used Bsure for all our insurance policies – car, household and Private Medical for many years.

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Bsure 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.

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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.

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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. 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.

Margaret & Chris

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