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Errors & Omissions Coverage: Professional Liability Protection Protect your business with exclusive liability coverage for any act, error, or omission arising out of your professional services subject to the limit of liability. The policy also provides protection for legal fees required to protect you in the event of a lawsuit. The program is offered to all association members. Program Highlights:
Most professionals who own a business purchase Commercial General Liability (CGL). A CGL policy protects you from claims made by a third party arising from bodily injury, property damage, and to a limited extent, personal injury. A CGL insurance policy will not protect you acting in your capacity as a professional from your client’s claims resulting in damage to your finances or reputation. Errors & Omissions coverage protects your business with exclusive liability coverage for an act, error, or omission arising out of your professional services subject to the limit of liability. The policy also provides protection for legal fees required to protect you in the event of a lawsuit. Do we write general liability policies? Yes, please see the Business Owners Insurance Application on our website. What is the difference between general liability and professional liability? General liability coverage is for claims arising out of bodily injury, personal injury, or property damage caused by you or your employees. Professional liability (Errors & Omissions insurance) is liability coverage for claims or lawsuits arising from the performance of your professional services. What is the cost? Annual premiums vary based on profession and is subject to limits and underwriting. What does an E&O policy cover? An E& policy covers most wrongful act allegations in the provision of services to others for a fee. Common allegations include negligence, fraud, untimely delivery, misrepresentation, misstatement, or breach of contract. Who does E&O insurance protect? E&O insurance coverage protects a company, its employees, management team and owners against claims alleging errors and/or omissions in the provision of services to paying clients. What types of companies use E&O insurance? In today’s litigious environment, many professional service providers value the security that having E&O insurance brings. IMPORTANT NOTE: Please refer to the policy wording, all endorsements and terms and conditions for full details. This is not a full representation of the policy coverage. |
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