Professional Liability Insurance Mailing

Do I Need Professional Liability Insurance?

Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or business owners policy. This protects them against financial losses from lawsuits filed against them by their clients.

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Professional liability insurance is a specialty coverage and is not typically provided under homeowners endorsements, in-home business policies or business owners policies (BOPs).

Source: Insurance Information Institute

Risk Management Guide

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On average, a contract dispute suit will cost business owners $91,000.
Source: courtstatistics.org

The cost of a malpractice lawsuit, including professional negligence, averages $122,000.
Source: courtstatistics.org

WHO'S AT RISK?

Risk management experts recommend that technology professionals in the following 3 classifications strongly consider professional liability coverage.

Self-Employed — It doesn’t matter if you’re a solo firm or you’ve set up a partnership with other technology professionals. Self-employed IEEE members may find themselves particularly at risk for liability lawsuits.
Temporary Consulting — If you’re between jobs, testing the waters for your own business, or considering retirement, you fall into this risky “gray” area. You’re certainly not covered by an employer plan, but you still need to protect yourself against a lawsuit.
Full-time consulting — You have a “full-time” business that consults or performs technology services.

WHAT'S AT STAKE?

Your Reputation — Even unfounded accusations can have a significant impact on the good name you’ve worked so hard to build.
Your Successful Firm — Defending yourself in a lawsuit can decimate a firm because energy normally devoted to clients and projects is instead funneled into documenting details and past decisions.
Your Income — Time spent defending yourself in a lawsuit is time away from clients and your business … costing you one of your most valuable assets — your ability to earn an income.
Your Credit Rating — Your ability to buy a house, purchase equipment for your firm, and even help your children with college could be impacted.

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Enhanced Program Options

IEEE members have access to the Choice Platform for the IEEE Member Professional Liability Insurance Program, which provides members with a choice of coverage options from leading IEEE-approved insurers. Simply fill out one application or send your current application, and qualifying firms may then receive multiple quotes/plan options from the IEEE-approved carriers: Certain Underwriters at Lloyd's of London and/or Beazley Insurance Company.

This ENHANCED professional liability program helps you to safeguard your future. No matter how well you design it, or how correct your advice is, you can still be sued. As a technology professional in the electrical, electronics or computer fields, you risk being sued every time you work on a project or offer advice. And regardless of how well you've done your job, you'll spend valuable time and hard-earned money to defend yourself in a lawsuit.
Negotiated Member-Only Rates

IEEE negotiates competitive rates for its members.
Ideal for Firms or Self-Employed Individuals

It doesn't matter if you are part of a small firm or a large firm, a solo business owner or a designer/consultant, the IEEE Member Professional Liability Insurance Program can help protect your livelihood and your reputation.
Various Deductible Options

The IEEE Member Professional Liability Insurance Program offers members various deductible options. Some qualifying firms may even receive a $0 deductible. The deductible options will be dependent on several factors, including but not limited to underwriter, plan option and claim frequency.
Includes Computer Exposures

If you've had trouble getting professional liability coverage in the past because of a computer-related exposure, try the IEEE-sponsored plan. Our underwriting is flexible. And we'll work with you, making every effort to ensure you get the level of comprehensive professional liability protection you need.
Technology Coverage
Technology Coverage is included at no additional premium. This coverage provides a broad definition of computer systems and information technology-related professional services.

In addition, the following plan options* are available for qualifying firms through the IEEE Member Professional Liability Insurance Program Choice Platform:
- Intellectual property risk
- Internet content liability and breach of security in relation to denial of service
- Unauthorized access and theft of data
- Electronic transfer of data functions
- Web hosting functions
- Copyright infringement
- Privacy liability
- Reputation management reimbursement
*Note, plan options listed will vary by carrier. Not all options listed will be offered by both carriers. Please review your policy options carefully or call 1-800-375-0775 for additional details.
Risk Management & Legal Counsel Services
IEEE Member Professional Liability Insurance insureds may gain access to several risk management and legal counsel services such as:
- Contract reviews
- Pre-claim prevention services
- Legal counsel representation
- Access to a risk management and claims hotline
General Liability Plan Available

General liability coverage provides businesses with liability protection for claims arising out of bodily injury and property damage; personal injury and advertising injury; and medical payments. This coverage option is available to qualifying firms and individuals providing computer-related professional services. Qualifying applicants must operate their businesses out of their residences. General Liability coverage is only available to insureds of the Certain Underwriters at Lloyd's of London Professional Liability Insurance Plan.

Professional Liability Insurance Mailing