Professional Insurance, or E&O coverage.
Professional service providers who advise have a particular type of exposure. Legal, financial, engineering, medical and other professionals could provide their client the incorrect advice or service, or omit a critical piece of advice, resulting in financial or physical damage. For this reason, a very specialized form of coverage is provided.
Formerly known as Errors and Omissions insurance, or E&O, the coverage has been broadened and is now more aptly named Professional Liability coverage.
Such coverage is written on a claims made form, completely different from the more common general liability. Claim triggers and other factors must be anticipated at the time of writing, lest a loss not be covered when it occurs.
Further, the wording is not standardized from policy to policy, and quotes from different insurance carriers are difficult to compare without thorough knowledge of this type of insurance.
Many experienced insurance professionals are so unfamiliar with professional liability that they avoid writing it altogether. In some cases, their understanding is deficient, and although they write it, their ability to provide proper coverage may be compromised, resulting in coverage gaps or complete absence of coverage.
Commercial Services Insurance has written professional liability coverage for more than twenty years, and we pride ourselves in our technical knowledge of the product and its peculiarities. Let us guide you through the process.