At Collis Insurance, our brokers are well experienced in your special insurance needs as a professional. In fact, approximately 50% of our clients operations are professional services in nature. Protect your professional career, reputation, and business with professional liability insurance.
What is Professional Liability?
Professional Liability Insurance is also referred to as Errors and Omissions (E&O) Insurance. Professional Liability Insurance protects you and your business from the financial costs and damages associated with a lawsuit. Even minor mistakes could trigger a chain reaction, ultimately causing a client to lose income and come back to you for the damages.
There are a wide range of names for this coverage, dependent on occupation. In Medical related fields, this coverage can also be referred to as Malpractice Liability Insurance. For marketing / media organizations, it may be called Media Liability. Printers – Printers E&O. For Publishers, Publishers E&O, etc.
Regardless of the name – if a client feels you made an error or omission in some piece your work, they could demand financial compensation for having failed in your responsibilities to them.
Without Professional Liability Insurance, your business could carry the burden of extensive legal fees related to defending these allegations. Those legal fees alone could potentially bankrupt the business – even if found not legally liable (at fault) at the end.
Please Note: Commercial General Liability does not offer protection against claims due to a professional’s mistake or malpractice. Commercial General Liability coverage specifically excludes most Errors and Omissions Insurance claims. With very few small exceptions…
Who needs Professional Liability Insurance?
Almost all types of Professionals that provide advice or recommendations, write reports, provide drawings or plans, offer a service for a fee, etc – need Errors and Omissions Insurance. No matter what kind of professional you are, you and your business face unique risks. At Collis Insurance we guide you towards the right coverage specific to your profession, industry, and insurance needs.
Here is just a sample of the types of occupations that require Professional Liability: