Professional Liability | Errors & Omission Liability Insurance
Errors and Omission Insurance, also known as Professional Liability Insurance, is a type of insurance that protects professionals from liability for mistakes or failures to perform their duties. This insurance is typically purchased by professionals such as lawyers, accountants, architects, and engineers, who may be held liable for errors or omissions in their work.
There are several benefits to having Errors and Omission Insurance:
Financial protection: If a professional is sued for an error or omission in their work, the insurance will cover the costs of defending the lawsuit and any damages that may be awarded.
Reputation protection: A lawsuit can damage a professional's reputation, even if they are not found liable. Errors and Omission Insurance can help protect a professional's reputation by providing financial resources to defend against a lawsuit.
Some common claims made under Errors and Omission Insurance include:
- Negligence: If a professional fails to provide the level of care that a reasonable person would expect in their profession, they may be sued for negligence.
- Breach of contract: If a professional fails to fulfill the terms of a contract, they may be sued for breach of contract.
- Misrepresentation: If a professional provides false or misleading information, they may be sued for misrepresentation.
- Fraud: If a professional engages in fraudulent activity, they may be sued for fraud.
It's important to note that Errors and Omission Insurance does not cover criminal acts or intentional misconduct. It only covers mistakes or failures to perform duties that are made in good faith.
What does it cost?
The cost of Professional Liability Insurance varies from business to business depending on several factors. There is no one size fits most solution.
Here are some factors that may come into play:
- Revenue: The more revenue a business earns, the higher the risk of lawsuit.
- Location: Different states can have different minimum coverage laws
- Number of Employees: The more employees a company has the higher the risk.
- Industry: Depending on your industry the repercussions of mistakes or omissions can vary greatly.
- Claims History: If you’ve had a claim in the past your rates are likely to be higher.
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