Professional Liability insurance is essential to safeguard the overall wellbeing of your business - not just financially, but in terms of client satisfaction and peace-of-mind too. Without Professional Liability cover, you could be vulnerable in the event that a claim alleges negligence or failure deliver services as promised- and this would not only put financial stability at risk but also reputation with clients who count on receiving what they paid for.
Professional Liability Insurance, also known as Errors and Omissions Insurance, protects professionals from claims alleging financial loss due to a service you provided, information you omitted as well as lawsuits alleging negligence, misconduct, and failure to deliver services as promised.
Professional Liability Insurance provides essential coverage in the event that something goes wrong with your services, products or advertising. If you’ve made a mistake when it comes to delivering professional services, produced an unsuccessful product or distribution of media resulting libel – professional liability insurance will respond.
No matter how carefully you plan, running a business always comes with unforeseen risks. Allegations of misrepresentation or breach of contract could come at any moment and derail success. Professional liability insurance gives companies the peace of mind to keep thriving instead worrying about what might go wrong tomorrow.
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Developers and contractors, to landlords, accommodations and more..learn more
Lawyers, accounts, consultants, architects, engineers and more..learn more
IT, SaaS companies, fintech, proptech and more..
Machinery and equipment, plastics, food & beverage, wood products and more..
Ecommerce, to coffee shops, large product wholesalers and more..learn more
Gyms, spas, and medical clinics to nurses, dentists and more..learn more
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Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance that provides protection against claims made as a result of errors, omissions, or negligent acts in the course of providing professional services. Professional liability insurance is typically used by professionals, such as lawyers, doctors, and accountants, to protect against the risk of being held liable for mistakes or oversights in their work.
Professional liability insurance is designed to protect professionals, such as doctors, lawyers, and accountants, against claims made by clients for errors or omissions in their professional services.
Any professional who provides services or advice to clients, and who can be held legally responsible for the quality of their work, may need professional liability insurance. This includes professionals in a wide range of fields, such as healthcare, law, accounting, consulting, engineering, and architecture. If you are a professional who is licensed by a regulatory body, it is possible that you will be required to carry professional liability insurance in order to practice.
Even if it is not legally required, it is generally a good idea for professionals to carry professional liability insurance. It can help protect their personal and financial assets if they are sued for alleged errors or omissions in their work.
There are several reasons why it is important for professionals to purchase professional liability insurance:
Protects against financial loss: Professional liability insurance can protect professionals from financial loss due to lawsuits or claims arising from errors or omissions in their work. Without this coverage, professionals could potentially be responsible for paying for the costs of defending a lawsuit and any damages that may be awarded.
Required for professional licensing: Many professional licensing boards require professionals to carry professional liability insurance as a condition of maintaining their license. Without this coverage, professionals may not be able to legally practice their profession.Helps maintain a professional reputation: Professional liability insurance can help protect a professional's reputation by covering the costs of defending against a lawsuit or claim. This can help maintain the trust and confidence of clients, which is essential for any professional.
Provides peace of mind: Professional liability insurance can provide peace of mind by knowing that you have protection in place in the event of a lawsuit or claim. This can help professionals focus on their work and their clients, rather than worrying about potential legal issues.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Professional liability insurance typically covers claims arising from errors or omissions in the professional's work. This can include mistakes, oversights, or failure to perform duties as expected, resulting in financial loss or damage to the client. Professional liability insurance can cover the costs of defending against these types of claims, as well as any damages or settlements that may be awarded.
Examples of the types of claims that professional liability insurance may cover include:
Medical malpractice claims against doctors
Legal malpractice claims against attorneys
Accountant liability claims against accountants
Architectural errors and omissions claims against architects
Engineers' professional liability claims against engineers
Professional liability insurance can also cover other types of claims related to the professional's work, such as defamation, invasion of privacy, and breach of contract. It is important to carefully review the specific coverage provided by your professional liability insurance policy to understand what is and is not covered.It's worth noting that professional liability insurance does not typically cover claims related to bodily injury, property damage, or criminal activities. These types of risks may be covered by other types of insurance, such as general liability insurance or crime insurance..
Professional Liability Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Years of Experience
Number of Employees
Malpractice insurance and professional liability insurance are similar in that they both provide protection for professionals against claims of negligence or mistakes in their work. However, there are some key differences between the two types of insurance.
Malpractice insurance is a specific type of professional liability insurance that is designed to protect medical professionals, such as doctors and nurses, against claims of medical malpractice. This type of insurance covers the costs of defending against medical malpractice lawsuits, as well as any damages or settlements that may be awarded.
Professional liability insurance, on the other hand, is a broader term that can refer to insurance coverage for a variety of professionals across many different industries.
Here are some of the most common professional liability insurance claims and their associated damages:
Professional Negligence: This type of claim may arise when a professional, such as an accountant or lawyer, makes a mistake that causes financial harm to a client. The damages can include the actual costs incurred by the client due to the error, as well as any resulting legal fees or court costs.
Breach of Contract: If a professional fails to fulfill the terms of an agreement or contract with a client, this type of claim could be brought against them. The damages can include any losses incurred by the client as a result of the breach, as well as additional legal fees and court costs if litigation is necessary.
Copyright Infringement: If a professional uses someone else's work without permission, they could be liable for copyright infringement. The damages awarded in this type of claim can include the profits earned by the infringer and any actual losses incurred by the copyright owner.