Professional liability insurance (commonly known as Errors and Omissions) is a form of liability insurance that protects professional advisors, consultants and service providers that are subject to a variety of services that could result in a lawsuit. Unlike general liability, which involves personal injury, bodily injury, property damage, advertising injuries, etc., professional liability covers inaccurate advice, negligence, misrepresentation, or omission in the service or product sold. There must be a perceived error/omission that has consequential loss to a customer.
Some professions where professional liability is a must are: Doctors (malpractice), lawyers, financial advisors, insurance agents, accountants, home inspectors, IT related services.
SUSAN MOORE & ASSOCIATES can quote professional liability as a separate policy with a number of carriers and sometime as an included coverage in a package (IT policies)
Time to take a checkup on your insurance coverages for your business. You may need to add this important coverage to your portfolio of insurance products.