What Is Professional Liability Insurance?

When you make a living off your expertise, you need comprehensive, cost-effective insurance to protect you financially from damages or legal costs that may arise. Professional liability insurance, also known as Errors & Omissions (E&O), provides the coverage needed to protect your business against suits filed for economic damages from third parties who feel you made a mistake or oversight with your services they’ve contracted with you to perform, even if the claim proves to be unfounded. Coverage may also include Punitive damages, which are additional monies awarded and assessed by the courts for wrongful acts.

Who Should Consider Professional Liability Insurance?

If you provide what could be classified as a professional service, if you typically give advice to clients, or if you’re obligated by a contractual agreement, you should consider carrying professional liability insurance.

Please review the extensive list to the right side of the page of the different professions who should have Professional Liability Insurance.

Are All Professional Liability Policies The Same?

No. Contrary to what you may know about insurance, each carrier has their own policy form with written Conditions, Definitions, and Exclusions. Few are written alike.  Most Professional Liability policies are written on what’s called a Claims-Made policy form, which can be written to cover only claims that occurred and which are reported within the same policy term. Many carrier definition of a “claim” is interpreted as a written demand for money or damages (law suit), but many suits are not filed within the same year the injury or alleged negligent act occurred, and can take up to a year or more before they are filed. Sometimes these claims can be covered if a retroactive date of coverage is purchased, but some carriers will refuse to write coverage for retroactive claims or will have warranties included specifically denying any claims prior to their policy inception date.  In short, you need a skilled professional who understands the industry and various carrier policy forms, or you could leave your business open to devastating financial consequences from denied or uncovered claims.

How Can Business Insurance Solutions Help?

With over 20 years of expertise and 70+ commercial carriers, we can help guide you to the right policy form for your business from multiple carriers, therefore guaranteeing you the most competitive program for your business. Even if you have coverage currently in place, our experts are happy to review your current policy to provide peace of mind that your business is covered properly. If you are newly in business or have never had coverage before, we can match you with the right programs for you.

How Can You Get A Quote?

You can speak to one of our experts Monday thru Friday by calling 888-900-5309 or simply complete the short quote form below, and one of our Professional Liability specialists will send you multiple carrier quote options within 24 hours for you to review.