A Professional Liability policy provides coverage for what is known in medical fields as “malpractice” and in other fields as “errors and omissions.” If someone sues you for failing in some way to deliver professional services, this policy will give you coverage for the settlement as well as legal fees and defense. It covers claims of negligence, misrepresentation, violation of good faith and inaccurate advice.
Professional liability insurance also protects any professional “expected to have technical knowledge or expertise.” Professionals such as accountants, architects, engineers, lawyers, and physicians are the common practices that are protected from financial losses by a Professional Liability Policy if a client successfully sues them. Regular homeowner’s and business insurances do not cover these types of losses.
Directors and Officers Liability covers past, present, and future officers of a corporation for damages from neglect, breach of duty, error, or omission, and provides coverage to the corporation for the legal defense of the officer.
Employment Practices Liability provides coverage for lawsuits arising from wrongful acts in the workplace, such as discrimination and harassment.
Errors and Omissions Insurance covers claims resulting from errors you make while conducting your business activities, or failure to delivers services as agreed. This type of policy will typically cover legal fees, court judgments, and court costs not covered by conventional business insurance policies. If you make an error or fail to perform a service that is expected of you based upon standards of professional conduct, you will be exposed to great potential financial risk if you do not have Errors and Omissions coverage.
When you select Econosurance, you will receive the prompt, professional service, experience and care we show each and every one of our clients. Let us prove it to you. Call us today!