Unfortunately, we live in litigious times. Disputes that were once settled by a meeting in the conference room, and a handshake, now often wind up in court. Business professionals such as architects, attorneys, financial professionals, IT consultants, and freelancers are particularly susceptible to this risk. If you are in a business that provides professional counsel or advice, you likely have risks and exposures that this insurance would address.
Professional liability insurance, also known as errors & omissions (E&O) insurance, offers protection for claims of negligence or simple human error made against a broad range of professions. This coverage offers protection if one of your clients or a third party suffers economic loss related to something you did or didn’t do. Even if the claim is unsuccessful, you’d be covered for the costs of legal defense, which can be exorbitant.
Your business may already have general liability coverage. Professional liability is a separate and supplemental coverage to address a specific type of risk that is not covered by general liability. We’d be happy to talk with you about a variety of other liability coverages that might be right for you, depending on the nature and scope of your business. Some examples include such coverages as directors & officers liability insurance, cyber liability insurance, and malpractice.