Professional Liability

Professional Liability policies are designed for a specific risk.

Also known as Errors & Omissions (E&O) insurance, this is a form of insurance to protect insured and client alike from damages which occur due to actual or alleged errors or omissions. When looking at this coverage for your firm, there are many considerations but here are a few. Questions are welcome.

Check what is covered. Professional services definition needs to include coverage for what you do. Our programs provide manuscripted professions as needed/insurable.

Check what is not covered. Make sure the exclusions are appropriate for your profession. For example, some miscellaneous professional liability policies do not cover bodily injury and property damage and are too coverage light for some professionals.

Check your retroactive date. There are claims-made policies. A lapsed policy will not respond in the event of a claim presented after policy lapse. Making sure your new carrier honors your retroactive date will keep your coverage “active.” If an insured has knowledge of circumstances that might lead to a claim, the claim would not be covered under the policy. Filing a report with the prior carrier is appropriate and often a contract requirement.

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