Professional Liability (also known as Errors and Omissions) Insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error or omission by the professional. 

Who Needs Professional Liability?

It is appropriate coverage for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Professionals, such as doctors, lawyers, accountants, architects, insurance agents, along with a growing number of other occupations, need special protection.

The need for professional liability coverage developed due to typical general liability insurance policies only responding to bodily injury, property damage, personal injury or an advertising injury claim. Because professionals such as architects, lawyers, physicians, real estate brokers, technology consultants, and others can cause claims without bodily injury, property damage, personal injury or an advertising injury claim, additional coverage is needed to fill this gap.

What Does Professional Liability Cover?

Professional liability insurance covers liability for damages arising from the rendering of or failure to render professional services.

Common claims made on these policies include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. For example, if a Web design platform fails to perform properly, it would not cause bodily injury, property damage or advertising injuries. Because of this, the general liability policy would not be triggered. But because the Web design platform not performing correctly could directly cause financial losses, and may be attributed to a misrepresentation of the platform’s capabilities, the professional liability coverage would be triggered.

 

You have invested a lot in your business and your profession. It is important to be sure that you take the steps to deal with the special as well as the routine sources of loss. 

Testimonial

"I’d been with my current insurance company for 15 years but after bumping into Ryan Waite around town a number of times I picked up the phone when my insurance renewal docs landed in my inbox to see if there was a better solution out there. Ryan collected my information, talked with me about my needs and called me a day later recommendations and options. He helped me to understand the gaps in my coverage and provided guidance for the best solution possible which, at that time, wasn’t one of his solutions. It a rare find to meet an agent that cares more about the best solution for someone over making a sale. Ryan’s at the top of my list for an annual insurance review and I look forward to working with him in the future."

- Justin H.