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Professional Liability Insurance

Professional Liability Insurance

What is professional liability insurance?

Professional liability insurance, also known as errors & omissions insurance (E&O), provides you with coverage for an economic or financial loss to a third party as a result of something you should have done but didn’t or shouldn’t have do but did.

What does professional liability insurance cover?

Professional liability protects you as the professional for defense costs and judgements where you, your company or your employees were alleged of conveying inadequate, incorrect, misleading, outdated information or accused of failing to meet certain specifications that a third party relied upon and suffered a economic or financial loss.

Professional liability can be taken a step further and cross over to the definitions of general liability i.e. bodily injury. This creates a grey area in the coverage and requires a closer look at the general liability policy as it coordinates with the professional liability policy. for example: Doctors are in a position where they can be sued for amputating the wrong limb i.e. bodily injury or nurses can drop a patient while assisting them in the bathroom i.e. bodily injury both can be construed as professional liability and general liability. This is the reason for knowledgeable counseling as each profession is unique in its own way

Why you need professional liability insurance

General liability policies exclude errors and omissions/professional liability claims. Your homeowners excludes error and omissions/professional liability claims and if you have purchased an umbrella policy without already having errors and omissions/professional liability policy and you think that was going to do the job well you didn’t have the right advice.

If you are in the business of rendering professional services such as an accountant, lawyer, nurse, doctor, insurance agent, engineer, architect, real estate agent, consultant, funeral director, or a travel agent- you need an errors and omissions/professional liability policy.

Call us today at 248-427-9400 to discuss how a professional liability insurance policy can keep you protected.

What is professional liability insurance?

Professional liability insurance, also known as errors & omissions insurance (E&O), provides you with coverage for an economic or financial loss to a third party as a result of something you should have done but didn’t or shouldn’t have do but did.

What does professional liability insurance cover?

Professional liability protects you as the professional for defense costs and judgements where you, your company or your employees were alleged of conveying inadequate, incorrect, misleading, outdated information or accused of failing to meet certain specifications that a third party relied upon and suffered a economic or financial loss.

Professional liability can be taken a step further and cross over to the definitions of general liability i.e. bodily injury. This creates a grey area in the coverage and requires a closer look at the general liability policy as it coordinates with the professional liability policy. for example: Doctors are in a position where they can be sued for amputating the wrong limb i.e. bodily injury or nurses can drop a patient while assisting them in the bathroom i.e. bodily injury both can be construed as professional liability and general liability. This is the reason for knowledgeable counseling as each profession is unique in its own way

Why you need professional liability insurance

General liability policies exclude errors and omissions/professional liability claims. Your homeowners excludes error and omissions/professional liability claims and if you have purchased an umbrella policy without already having errors and omissions/professional liability policy and you think that was going to do the job well you didn’t have the right advice.

If you are in the business of rendering professional services such as an accountant, lawyer, nurse, doctor, insurance agent, engineer, architect, real estate agent, consultant, funeral director, or a travel agent- you need an errors and omissions/professional liability policy.

Call us today at 248-427-9400 to discuss how a professional liability insurance policy can keep you protected.

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