Professional liability insurance is often known by a few different names such as Errors and Omissions (E&O) and Malpractice. It is intended to cover the exposure that professionals have when providing their services. Unlike General liability that is designed to cover Bodily Injury or Property damage, Professional Liability will usually cover the monetary damage caused.
Some good examples of a professional liability claim would include if a lawyer forgets to file an important document and their client loses out on a deal, or if a financial advisor doesn’t complete a trade in a timely manner and their client loses money.
The exposure for professional liability has grown significantly over the last few years because many contracts are now requiring professional liability coverage. In the past only professions that were licensed or had extensive schooling were required to buy policies, however, with larger companies trying to insulate themselves many smaller companies are now having to purchase a professional liability policy.
Before buying general liability insurance, it is best to compare the quotes available in the market, so get in touch with one of our agents today at (262) 784-0644.