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Professional Liability

 

Do You Need Professional Liability Insurance?

Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or business owners policy. This protects them against financial losses from lawsuits filed against them by their clients.



Professionals are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called “errors and omissions” liability. 



Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under homeowners endorsements, in-home business policies or business owners policies (BOPs).

 

We Have You Covered

Developing the right protection for business and financial risks requires an understanding of historic experience, emerging trends, and available solutions. We intimately understand the ever-changing management liability product markets. Through direct relationships with national providers, non-standard surplus line underwriters, and Lloyds of London, we are able to deliver the structure, terms, conditions, and pricing that forward-looking clients require.

Directors & Officers

Recruiting and retaining talented corporate directors, officers, and trustees is a challenge faced by most companies. Directors, officers, and trustees should be concerned about their personal liabilities associated with a board’s actions or inaction’s.ProLib1

The growth in public bankruptcies, corporate scandals, new legislation, and regulation in Canada and the U.S. has spawned litigation increasing personal risk to directors, officers, and trustees for boardroom responsibilities.

Comprehensive directors, officers, and trustees insurance coverage addresses this exposure and helps retain or attract quality board members.

Employment Practices

In our increasingly litigious society, every employer, large or small, faces the potential of being a target of legal action from past, present, and prospective employees. Employment practices liability insurance (EPLI) is not automatically covered under general liability or workers compensation.

Not only are the numbers of employment-related claims increasing, but so is the potential financial risk to businesses. Without EPL insurance, defending a wrongful termination or discrimination claim — whether innocent or guilty, whether groundless or fraudulent — can adversely impact the bottom line.

Professional Liability

Professional liability insurance, also known as errors and omissions insurance (E&O), protects you and/or your company from the costly defense and settlement of claims for errors, omissions, or the failure of your work to perform as promised or intended.

Professionals are expected to have extensive technical knowledge or training in their particular area of expertise and to perform services for which they were hired, according to the standards of conduct in their profession. Certain professions (architects, engineers, lawyers, and medical practitioners) bear a more intrinsic E&O risk than others.

Coverage includes legal defense costs — no matter how baseless the allegation — and can pay for any resulting judgments, including court costs.