Miscellaneous Professional Liability / Errors & Omissions Liability Insurance
This is insurance coverage for organizations and businesses that provide professional services. The coverage protects the insured against liability for committing an error or omission in the performance of a professional service. The error could result in either financial loss or property and physical damages to your client. Professional Liability / E&O is mandatory for certain professionals and highly recommended for others.
Although you may already have Commercial General Liability coverage as part of a business commercial package, Commercial General Liability policies specifically exclude professional liability. For this reason, Professional Liability is important for any business or professional that could make an error in professional service that could lead to a financial loss by a client. Professional liability insures the business owners’ mistakes as well as those made by employees and subcontractors.
As a professional, you are expected to have the knowledge, experience and training to perform the job as hired within the standards of your profession. If you fail to perform to these standards, you can be held responsible for harm caused.
Not only does the coverage protect you for damages resulting from a lawsuit, it also provides for defense costs whether damages are assessed against your company or not.
You will be covered for:
- Negligence, where you have failed in your duty of care to a client, perhaps giving incorrect advice or making a mistake in your work
- Infringement of intellectual property rights, like copyright or trademark
- The cost of restoring or replacing business documents or data if you lose, destroy or damage them
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