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Professional Liability Insurance

What is Errors and Omissions coverage?

Simply stated a Professional Liability policy protects Real Estate Agents, Attorneys, Physicians, Accountants and other professionals, from bearing the full costs of defense for lawsuits relating to an error or omission in providing Covered Professional Services for others.  This type of policy should not be confused with a standard General Liability Insurance policy.

What is covered?

While each Professional Liability policy is unique with a variety of coverage options and exclusions, in general, Professional Liability insurance is designed to help pay for defense costs and the damage awards associated with Professional Liability claims. Lawsuits happen regardless of negligence, however, all lawsuits most be vigorously defended, usually at considerable expense.

A Professional Liability claim must allege negligence in either performance or failure to perform Professional Services.  Professional Liability policies have a specific limit of liability and usually include both legal costs and the damage awards associated with the policy limits.  Like most other types of insurance policies, there is no coverage for intentional, fraudulent or illegal acts.  What is important to realize is that not all claims (lawsuits) are about negligence, they are about "allegations of negligence".  Because of the nature of litigation, in many instances, innocent parties are brought into lawsuits even though they had little or nothing to do with the actual event triggering the litigation.

Contact Bizurance today and we can get your business setup with a specific professional liability policy!