Products & Services

Professional Liability

If you provide products, services or advice to others as part of your business then you’ll need to consider some form of professional liability insurance. Commonly known as E&O, or errors & omissions, this provides protection in the event that your business has to defend itself against a negligence lawsuit from a client. This type of coverage focuses on unintentional actions or advice resulting in financial harm to someone else. These actions can include failure to perform as promised or expected, making errors, or omitting something when performing a service, or selling a product.

With this coverage you would not have to bear the entirety of legal defense or civil penalty costs. In some cases this form of coverage will provide for your defense costs even when claims made against you are found to be without merit. It’s important to note however that it does not cover intentional wrong doing or defending you from any criminal prosecution. In simple terms professional liability insurance can prevent an unintentional business mistake from costing you your business.

Professional liability insurance is recommended for many types of business. For those in the medical profession it is referred to as malpractice insurance. Consultants, brokers, and those in the legal field will need errors and omissions coverage. Financial services professionals such as accountants and financial advisers, would need this type of coverage as well. In many professions like the ones mentioned above, it is required by law that coverage be obtained in order to do business.

Professional liability can provide protection for a wide range of businesses. Contractors, maintenance workers and other service providers can all benefit from the added protection of professional liability. Non-profits and charities can protect their organizations and those working for them, such as board members, with professional liability coverage. You may not realize all the scenarios where professional liability would be important to protecting your business. That’s why you should discuss this with an insurance professional who can explain more about risk, and the benefits of risk protection with professional liability.

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