Washington D.C. Professional Liability Insurance – What You Need to Know
You’ve probably heard of Washington D.C. malpractice insurance and wonder what you need to look for in a policy. Fortunately, there are many factors to consider when deciding whether this coverage is right for you. For example, you should know the difference between Occurrence and Errors and Omissions insurance. This article explains the importance of these two types of coverage, as well as the different types of Coverage limits and other details.
Errors and omissions insurance
Errors and omissions (E&O) insurance is a type of professional liability insurance that protects businesses from claims of errors and omissions. This type of policy covers the costs of lawsuits and property damage, which can be a result of mistakes and omissions. It may be a necessity for many professionals. But it is not a requirement for the District of Columbia.
DC professional liability insurance policies can be classified into two basic types: occurrence and claims-made. Incident insurance, as its name suggests, responds to claims made on or after an event. As the name implies, the former is triggered by an alleged event while the latter provides defense. There are major differences between occurrence and claims-made malpractice insurance, though. Occurrence policies provide coverage for alleged incidents at any time during the policy period, including after the policy lapses.
Washington D.C. malpractice insurance
Washington D.C. professional liability insurance costs vary widely. Your policy limits will reflect the maximum amount of each individual claim and the total amount of all claims during the policy period. Higher limits will reduce premiums, but a higher limit may not always be a better option. Be sure to check out the details of your Washington D.C. professional liability insurance policy to ensure that you are properly covered. The following are some factors to consider when determining the coverage limits of your Washington D.C. professional liability insurance.
If you’re a physician in the District of Columbia, you probably want to get your professional liability insurance. DC law does not specify a threshold amount, but it does protect your business. Most policies cover up to $1 million per claim, with a $3 million annual cap. Most hospitals require that doctors carry malpractice insurance. You can get a free consultation from Strategy First LLC to determine the right amount of coverage for your practice.
Reimbursement for premiums
If you are a member of the District of Columbia Bar, you can receive reimbursement for premiums on your professional liability insurance policies. In addition, the insurance premiums for this type of policy are tax-deductible, if your company qualifies as an “accountable plan” under the Internal Revenue Code. Moreover, the law specifically defines the role of a supervisor or management official as an employee of a public agency.