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. https://schlawpc.com/blog/understanding-professional-liability-insurance-coverage/
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SHARESHARESHARE
UNDERSTANDING PROFESSIONAL LIABILITY INSURANCE COVERAGE
The types of professional liability insurance policies businesses can buy are generally claims-made or claims and reported policies. In this article, we’ll define the different types and go into more detail about how the law applies to them. Under claims-made policies, you usually must make a claim within one year to receive coverage. The person who has a complaint must file a claim, such as a lawsuit, against the professional involved – it’s not just a matter of giving notice or anything else. In occurrence-based claims, the event that led to the claim must have happened during the policy period. Claims involving environmental accidents, such as hazardous chemical spills, are an example of an occurrence-based rather than a claims-made policy. READ MORE