Most commonly known as errors & omissions (E&O), Professional liability insurance,also called Professional Indemnity Insurance is a form of liability insurance for professional advice and service individuals/companies. This Insurance helps the professional if any claims are made against them and damages are awarded in a civil lawsuit.
The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. A more general liability insurance would not be covered by policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless.
This coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice. Contact us today to find the best policy for your businesses that are the beneficiaries of the advice or service.