Professional Liability Insurance
“Errors and omissions coverage” is another name for professional liability insurance. It helps protect doctors, accountants, attorneys and architects and a variety of other business professionals against negligence claims made against them.
What is Covered
An example of an item covered by professional liability insurance would be an accounting mistake that causes the customer a financial loss. Professional liability covers claims awarded in a lawsuit.
When Professional Liability Coverage is Needed
If your industry has professional standards of care, you need professional liability coverage. Different coverage is available for different types of professional liability policies such as medical malpractice coverage.
A Separate Policy is Needed
A separate policy is necessary for professional liability coverage. General liability insurance and homeowner’s insurance do not cover professional liability claims.
Where to Find Professional Liability Coverage
If you are a member of a professional trade organization, you may get a discount on your coverage. Your local independent insurance agent can advise you of the best deals available.
