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What Does Adding an Additional Insured to a Professional Liability Policy Mean?
When you add an additional insured to a professional liability policy, it means you’re extending your insurance coverage to another person or company. Professional liability insurance helps protect your business from lawsuits that claim there were mistakes in the professional services given. Even if a mistake didn’t happen, clients can still sue you or the additional insured on your policy.
If you’re adding an additional insured to a professional liability policy, be aware that they can file a claim with your insurer if a client sues them.
Can You Be an Additional Insured on E&O Policy?
Depending on your business, you may be able to ask another policy holder to be an additional insured on their professional liability insurance policy, also known as errors and omissions insurance or E&O insurance. However, you can’t be named an additional insured on your own policy. If you’re the policy holder, you’re the named insured.
When you add an additional insured on your E&O policy, you’re extending your coverage. While this can help protect the additional insured, it can also put you at more risk of liability claims.
For example, let’s say you decide to work with a staffing firm for nurses to help patients in your medical office. Before the firm agrees to work with you, they ask for additional insured status on your business’ E&O insurance policy. When you do this, your business becomes liable for certain claims and lawsuits filed against the design firm.
Be aware that some insurers may limit the types of businesses that can add an additional insured to a professional liability policy.
What Other Kinds of Insurance Should You Have in Addition to Professional Liability Insurance?
Every business is unique and has different needs. So, it’s important to have other kinds of insurance to give your business well-rounded coverage. Other types of insurance you may want to consider include:
General liability insurance to help cover claims that your business caused:
- Lesiones corporales
- Property damage to someone’s belongings
- Personal injury, like libel or slander
Workers’ compensation insurance to help your employees recover from a work-related injury or illness. This insurance gives them benefits, which can help:
- Pay for medical bills
- Replace some lost wages
- Cover ongoing care costs, like surgery or physical therapy
Commercial property insurance to help protect your owned or rented building and equipment used to operate.
Data breach insurance, which some insurers call cyber insurance, to help your business respond to a breach if personally identifiable information gets lost or stolen. This coverage can help pay to:
- Notify impacted individuals
- Offer credit monitoring services
- Create a public relations campaign to improve your business’ reputation
How Much Does It Cost to Add Additional Insured on Professional Liability Insurance?
The cost to add an additional insured to professional liability insurance varies between insurance companies. Some insurers charge a monthly rate, like $25 a month, for additional insured endorsements. Others may have a flat rate to add an additional insured on professional liability policies.
Get a Free Quote for an Additional Insured on a Professional Liability Policy
When it comes to protecting your business, it’s important to partner with an experienced insurance company. We have over 200 years of experience and have helped over 1 million small business owners. We can do the same for you.
Our specialists can work with you to help you create a unique insurance policy for your business. Whether you have questions about professional liability insurance or need help adding an additional insured to your policy, we’ve got your back.
Get a free cita for an additional insured on a professional liability policy from The Hartford today.