Professional Liability.

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Professional Liability / Errors & Omissions Insurance

Protecting your profession.

Professional liability insurance, also referred to as Errors and Omissions (E&O) insurance, provides coverage for claims or financial losses that result from your legal obligations to make good faulty work, materials, products or design caused by a negligent act, error, or omission you make while performing the services of your profession. This includes lawsuit defense costs and damage for the loss of use of property. Professional liability coverage is separate from a general liability policy which would cover you mainly for bodily injury or property damage liability.

Businesses and individuals that provide professional services, such as accountants, attorneys, and consultants, obtain E&O insurance. These policies are typically issued in increments of $1,000,000 in coverage with deductibles typically starting at $1,000 per claim. Maritime Insurance agents work with numerous carriers to offer competitive rates offering specialized professional liability policies for specific professions.

It is very important for you to be aware that virtually all professional liability insurance policies are issued on a claims-made basis. That means that coverage is only provided for work that is done during the policy period and for claims that are filed during the policy period. In effect, if an E&O insurance policy is cancelled, and no provision is made for an extended reporting period, all coverage ends and it is as if you never had a policy.

Talk to one of our insurance specialists to determine the professional risks that are associated to your business and seek insurance that covers those risks.

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Resources

Insurance Information Institute