Professional Liability Insurance

Professional Liability Insurance

Professional liability insurance protects those in specialized professions from the unique legal exposures they face while performing their jobs. Depending on the context, professional liability is also sometimes referred to as E&O (errors & omissions) coverage, professional indemnity insurance, or malpractice insurance. Accountants, nurses, engineers, and others in similarly complex fields are often either required or strongly encouraged to have professional liability. Due to the nature of their work, client expectations for individuals in these fields are understandably high, and the work itself is heavily regulated. Coverage against errors & omissions applies in instances of actual or perceived mistakes, negligence, or breaches of contract.

Professional Liability vs General Liability

While they both function as types of business insurance, the main difference between professional liability and commercial general liability, in short, is that they account for different types of commercial risks. General liability covers things like property damage and bodily injury and can therefore be thought of as operational or incidental coverage. Meanwhile, professional liability covers issues specifically related to services provided. For example, if a client were to injure themselves while visiting the office of an architect, that would fall under general liability (specifically, premises liability). However, if a client were to file a lawsuit against that architect under the claim that there was a miscalculation in their plans, that would be in the realm of professional liability. If you have more questions or would like to find out what professional liability would cost for you, fill out the quote request form today. You’ll receive a free consultation and get connected to a reputable carrier that can write the policy you need to keep yourself and your business protected.