Professional Liability Insurance

Professional liability (E&O) covers your business when a client claims your advice, service, or failure to perform caused them caused them financial harm, even when the allegation is unfounded.

Professional Liability Insurance

Professional Professional liability insurance, also called errors and omissions (E&O) or malpractice insurance depending on depending on your industry, covers your business when a client alleges that your advice, services, or failure to deliver caused them a financial loss. It applies whether the claim has merit or not; defense costs alone can be significant. Any business that sells expertise or sells expertise or professional services, consultants, architects, engineers, technology firms, healthcare providers, real estate professionals, needs this coverage as a baseline.

When our team reviews a professional liability program, we look at whether the policy is written on a claims-made basis and whether the retroactive date and tail period are appropriate for your practice history. We also examine contract indemnity requirements from your clients and whether your current limits are adequate given your largest engagement values. Request a program review and let’s confirm your E&O coverage matches what your clients are actually requiring.

Professional Liability Insurance FAQ

Professional liability insurance, also known as errors and omissions insurance, is a type of insurance that provides financial protection to professionals against lawsuits arising from claims of inadequate or poor quality services. This insurance covers the cost of defending against such claims, as well as any settlements or judgments that may result from a successful lawsuit. It is important for professionals who provide advice, services, or expertise to others to consider obtaining this coverage.

Professionals in a wide range of industries, including legal services, consulting, engineering, and healthcare, may benefit from professional liability insurance. This insurance is particularly important for professionals who are required to carry it by their licensing body or by contract with clients. Even if not legally required, having this coverage can give professionals peace of mind knowing that their business and personal assets are protected.

Professional liability insurance covers the costs associated with defending against lawsuits, as well as any settlements or judgments that may result from a successful lawsuit. This can include legal fees, court costs, and any damages awarded to the plaintiff. Some policies may also cover expenses related to settlements or negotiations, such as mediation or arbitration. The specific coverage and limits of a professional liability insurance policy will depend on the terms of the policy and the needs of the insured.

The requirement for professional liability insurance varies by industry and jurisdiction. In some cases, professionals may be required to carry this insurance by their licensing body, while in other cases it may be a condition of doing business with certain clients. It is important for professionals to understand the requirements in their specific industry and jurisdiction to ensure they are in compliance.

Obtaining professional liability insurance is typically done through an insurance broker. At ZRM Brokerage, our team of experts will help you assess your specific needs and find a policy that meets your coverage requirements and budget. We can also help you understand the requirements for professional liability insurance in your industry and jurisdiction, and answer any questions you may have about the coverage and its benefits.

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Professional Liability – Simplified

Insurance doesn’t need to be complicated. Let’s work together to evaluate your risk and find a cost-efficient a cost-efficient program built around your actual exposures.

Did You Know?

Professional insurance will protect you from claims of errors and omissions, breach of contract, poor service, copyright infringement and personal injury – only carrying general liability insurance will leave you exposed to frivolous lawsuits!

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