Professional Liability Insurance and Errors & Omissions Coverage
Professional Liability Insurance protects a firm against liability and helps defray to the cost of defense following a claim for an error, omission, or negligence in the performance of professional services.
Because General Liability Insurance Policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice or misrepresentation, this type of coverage is required by professionals and businesses such as accountants, lawyers, real estate agents and doctors who have expertise in a specific area.
Depending on the profession, Professional Liability Insurance may have different names, such as Errors & Omissions Insurance for real estate agents or Medical Malpractice Insurance for the medical profession.
Professional Liability Insurance is a specialty coverage that is not provided under in-home business policies or businessowners policies, homeowners' endorsements, policies. Additionally, it only covers claims made during the policy period.
For more information on this type of insurance coverage, contact Massey, Clark, Fischer today!