Professional Liability Insurance - E&O Insurance
What is Professional Liability Insurance or E&O Insurance?
Professional Liability Insurance or E&O Insurance is supplementary liability insurance that enhances professional businesses and their owners by safeguarding against a loss in the event of a lawsuit due to a negligent act, error and omission by the professional or company. E & O insurance can also provide slander libel and breach of contract. This coverage is most appropriate for anything that gives advice, makes educated recommendations, design solutions or represents the needs of others such as accountants, educators, engineers, consultants, real estate agents, physicians, etc. Errors and omissions coverage kick in where your commercial general liability does not and provides coverage for contract performance disputes, service errors or any other professional liability issues. These policies are designed to cover the large legal defense costs that are incurred trying to prove liability or innocence. This would also provide coverage for settlement on the final judgment. There are many different forms of professional liability and multiple factors to consider when purchasing E & O coverage because there is not one standard policy that encompasses every professional.
Why do I Need Professional Liability Insurance?
Without Professional liability insurance you run the risk of being sued for your companies actions even if they were accidental. Things like contract performance disputes, service errors, or any other professional liability issues would not be covered unless you had this coverage in place.
What Professional Liability Policy is right for me?
There is no right answer to this one, each policy is tailored to exactly what your industries risks and liabilities are. Talk to a broker today 1-833-277-9438 or click here for an instant quote you can purchase online!
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