Professional Liability Risk Coverage
What is Professional Liability?
Almost any business that provides a service faces the risk of litigation, and the results can be devastating to both the business and its employees.
Professional liability protects the business (and its employees) against claims associated with the failure to perform or mistakes made in the course of delivering the service.
It also protects against claims regarding what is perceived as unfair, discriminatory, or negligent business practices.
What types of Professional Liability should a business consider?
- Errors and Omissions (E&O) for risk associated with performance and service delivery
- Corporate Directors and Officers for risk associated with the performance of owners, executives, and board members
- Employment Practices Liability for risk associated with claims by current or former employees
- Management Liability for risk associated with the performance of named managerial staff
- Umbrella Professional Liability for additional coverage above standard policy limits
Who can obtain Professional Liability coverage?
Most service businesses qualify for one or more types of professional liability, including-
- Accountants, CPA
- Advertising Agencies / PR Firms
- Arbitrators
- Architects
- Attorneys / Firms
- Bookkeeping Services
- Collection Agencies
- Community Associations / Clubs
- Computer / Network Services Firms
- Employment Agencies / Recruiters
- Engineers
- Beauty Service Providers
- Interior Decorators
- Investment Advisors
- Land Surveyors
- Management Consultants
- Medical Professionals (Specified)
- Mortgage Bankers
- Office Services Firms
- Private Risk Protectors
- Third-Party Benefit Plans
- Title Agents
- Trustees
- Non-Profit Organizations / Clubs
- Property Managers
- Real Estate Brokers and Agencies
- Technology Professionals