Professional Liability insurance is also called "errors and omissions", "E&O", or "malpractice" and is a form of insurance designed to protect professionals and professional organizations from financial loss from their negligence. E&O coverage protects an individual or a company from claims alleging failure or error in the provision of services that result in financial damages to your clients. Coverage includes legal defense costs and will pay for any resulting judgments, including court costs, up to the described limits. Policies are typically written on a claims-made basis.
Many different types of professionals hold themselves out to their clients as experts in a particular field of work: Contractors, Mortgage Brokers, Real Estate Professionals, Attorneys, Accountants and many others. There is always a possibility that any professional's work may fail to meet their clients' expectations, resulting in a professional liability claim or lawsuit. Professionals are continually exposed to the possibility of claims being made against them for negligent acts, errors, or omissions in connection with the services they provide.
Professional liability insurance is designed to protect the professional from the significant financial loss that can result from a lawsuit. Regardless of fault, litigation is costly, time consuming, and damaging to a reputation. Retailers Insurance Group thinks you should, contact us to discuss this important need.
General liability policies are quite different than professional liability policies.You should not depend upon general liability policies to provide protection for professional negligence.
Since there are many different variables involved and policies of professional liability insurance come in a wide range of types and coverage, it is important that your policy be reviewed by you and clearly explained by your insurance professional in order to ensure that you have the coverage you expect.