Professional Liability policies insure different exposures to those that are covered under the Commerical General Liability Policy. The focus of professional liablity policies is to provide payment for damages arising out of the rendering or failure to render professional services.
A professional is someone who possesses or claims to possess the special knowledge and skill necessary to render a professional service. When financial or other injury results, a claim for damages may be initiated against the professional. We've listed a few common professional liability insurance products for your reference. Please contact our office for more information.
Professional Liability Insurance provides financial protection for a wide range of professional advisers. In the event of a financial loss due to a suspected neglect, error and omission insurance will meet the cost of defending claims and any damages payable to a third party.
Errors and omissions insurance also protects professionals against claims of faulty performance (i.e. a negligent act, error, or omission).
Errors and omissions insurance protects the assets of the business professional and pays for his or her defense in the event of a claim.
Types of business professionals who might need errors and omissions insurance.
Lawsuits typically arise from acts or omissions in the process of client:
One exposure faced by corporations is the cost of defending suits against its Directors and Officers. This process can prove catastrophic on the corporation and on the individual.
Directors and Officers' can purchase D&O Liabilty Insurance to protect themselves against liablity for losses arising out of the failure to properly exercise their legal duties. Lawsuits are brought against a Director and/or Officer for an allegedly "wrongful act".
Wrongful acts can include:
D & O Liability Insurance is designed to help protect both the assets of the company and the personal assets of these individuals.
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