Professional Liability

Professional liability insurance is specialty coverage that is not provided under homeowner’s endorsements, in-home business policies or business owners policies (BOPs). You want this coverage because a typical general liability insurance policy will only respond to a bodily injury, property damage, personal injury or advertising injury claim. Typical reasons alleged in making claims on these policies are negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. Professional Liability Insurance protects professional practitioners such as Quantity Surveyors, architects, home inspectors, lawyers, physicians, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance takes on different names depending on the profession. Professional liability insurance in the medical profession may be called Medical Malpractice. Notaries public may take out errors and omissions insurance (E&O).

Professional liability insurance policies are usually set up based on claims made during the policy period, claims which may relate to incidents occurring before the coverage was active. Once you get coverage, don't cancel your policy because cancelling the policy will in effect, make it as if you never had coverage for any incidents.

Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or business owner’s policy. This protects them against financial losses from lawsuits filed against them by their clients.

We expect "Professionals" are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called "errors and omissions" liability.