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Professional Liability
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Guard your professional reputation with expert coverage.
Professional Liability
Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, provides protection for businesses and professionals against claims of negligence, mistakes, or failures in service delivery that result in financial loss or harm to clients. It’s an essential safeguard for maintaining the trust and integrity of your professional services.
How does it work?
This insurance follows a claims-made basis, covering claims filed during the policy period, no matter when the incident occurred.
It protects businesses from legal
defense costs, settlements, and judgments related to professional negligence or inadequate service, ensuring financial security against unexpected challenges. Essential for professionals in fields like law, medicine, architecture, engineering, and consulting, it safeguards those whose services or advice could be scrutinized for accuracy and effectiveness.
Navigating Professional Necessities
Who Needs Professional Liability Insurance:
Professionals across various sectors, including legal, medical, architectural, engineering, consulting, and any field where advice or service is provided, need this insurance. It’s crucial for anyone whose professional services could be scrutinized for accuracy, efficacy, and impact, safeguarding against the unpredictable consequences of alleged errors or omissions.
- Lawyers and Legal Professionals
- Medical Professionals
- Architects and Engineers
- Accountants and Financial Advisors
- Consultants
- IT Professionals and Tech Companies
- Real Estate Agents
- Marketing and Advertising Agencies
Wanna know more?
Reach out to us today to experience personalized service and comprehensive coverage tailored to your needs.
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What is Professional Liability Insurance?
Professional Liability Insurance, also known as Errors & Omissions (E&O) Insurance, protects businesses and individuals from claims related to negligence, mistakes, or inadequate work that result in financial loss for a client.
What does Professional Liability Insurance cover?
It covers:
- Claims of negligence or mistakes in professional services
- Legal defense costs (even if the claim is unfounded)
- Missed deadlines or contract breaches
- Incorrect advice or misrepresentation
- Failure to deliver promised services
Is Professional Liability Insurance required by law?
In some industries (like healthcare, law, or financial services), it is legally required. Even when not required, many clients and contracts demand proof of coverage before hiring a business.
How is Professional Liability different from General Liability Insurance?
General Liability Insurance covers bodily injury and property damage, while Professional Liability covers financial losses caused by errors, omissions, or professional mistakes. A business may need both to be fully protected.
Who needs Professional Liability Insurance?
Any business that provides professional services, consulting, or advice should have this coverage. This includes contractors, architects, engineers, consultants, accountants, lawyers, and real estate agents who could be sued for errors or omissions in their work.
What are common claims against professionals?
- An architect or engineer makes a design error that leads to costly construction delays.
- A consultant gives incorrect advice that causes a client financial loss.
- A contractor is accused of failing to meet project specifications.
- A real estate agent is sued for misrepresenting property details.
Does Professional Liability Insurance cover intentional wrongdoing or fraud?
No, it only covers unintentional mistakes, negligence, or oversights. Fraud, criminal acts, and intentional misconduct are excluded from coverage.
Does Professional Liability Insurance cover work done in the past?
It depends. Many policies include retroactive coverage for past work if the policy was active when the claim is filed. It’s important to maintain continuous coverage to avoid gaps.
