Professional Liability Insurance
Professional liability insurance (also know as errors and omissions insurance, E&O insurance, malpractice insurance and professional indemnity insurance) is our main area of business insurance expertise. We have extensive experience in providing all types of businesses with competitively priced professional liability insurance solutions in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. Regardless of the type of business that you own/operate, we can hep you to find the best insurance coverage for your business, at the best price. We specialize in professional liability insurance for engineers, architects, construction project managers and all types of consultants including environmental consultants, along with many other types of businesses – click here for a detailed list.
What is Professional Liability Insurance?
Professional liability insurance, which is synonymous with errors and omissions insurance (E&O insurance), malpractice insurance and professional indemnity insurance, is a type of business liability insurance that protects a professional when a customer/client holds them responsible for a service provided that did not have the expected or promised results. If you provide any type of professional services, a client can potentially sue you if they feel that you have made an error and/or omission in your work. With professional liability insurance, you are protected against claims and lawsuits for mistakes or omissions that may cause a financial loss for your client. For most professionals, these types of claims can only be covered by a professional liability insurance policy.
What is the Difference Between Professional Liability and Errors and Omissions (E&O)?
Professional liability insurance and errors and omissions insurance are synonymous terms, along with E&O insurance, malpractice insurance and professional indemnity insurance, and therefore are in essence all the same types of business liability insurance coverage as outlined above. The term professional liability is commonly used by consultants and personal service providers such as esthetitians and massage therapists. The term errors and omissions, or E&O for short, is seen more often associated with professionals such as engineers and architects. Malpractice insurance most commonly refers to professional liability or E&O insurance for those in the medical field such as doctors and nurses. Professional indemnity insurance is a less commonly used term, and is can be used by any type of business. However all four terms are often used loosely regardless of the type of business, so it can also be common for a consultant to refer to their insurance as errors and omissions whereas an engineer may refer to their insurance as professional liability.
What Types of Businesses Need Professional Liability Insurance?
- Marketing & Advertising Services
- IT & Technology Services
- Construction Project Managers
- Other Professionals
Any person or business that provides professional services for a fee has an inherent need for professional liability insurance. For a full list of the types of businesses that we offer coverage for, click here. If you are unsure if your business has a need for professional liability insurance, contact us today for a free consultation. There are also businesses that from a coverage standpoint don’t really need professional liability insurance, however are required to obtain such coverage in order to comply with contractual requirements with their clients. In such cases we are able to assist with professional insurance quotes even if there is not an inherent need for the coverage.
Why Does My Company Need Professional Liability Coverage?
By not carrying professional liability insurance, you are taking a serious financial risk. Mistakes can be made by even the best of employees or business owners. Also, simply being accused of making a mistake, whether you actually did or not, can cause any business owner to be faced with a lawsuit. Attorney’s fees and other related costs involved in defending yourself or your business during a lawsuit can climb into the tens or even hundreds of thousands of dollars. Many business owners make the mistake of thinking that their general liability policy will cover any claim that comes their way, which is simply not the case. Most all general liability insurance policies exclude coverage for claims arising from “professional services”, as most general liability policies are only meant to cover “physical” claims such as bodily injury and property damage.