Professional Liability Insurance
Protect your business with Management & Professional Liability Insurance. You may also have heard it referred to as Errors and Omissions Insurance (E&O). Each industry that requires this type of insurance uses different names, but the coverages are the same. It will protect your business in the event it is sued due to a professional error, work that may have been oversight, missed deadlines, work or services that are not delivered, and accusations of neglected services. New Redwood Insurance Services will help you find the coverages your business needs, so you can rest easy knowing you are protected from these risks.
Some industries that would benefit from professional liability include lawyers, engineers, architects, accounting, software developers, insurance agents, real estate agents, consultants, tax preparers, and even those in the medical field.
When you hire us, we work for you, not for the insurance companies.
Professional Liability Insurance FAQ
What is Professional Liability Insurance, Errors & Omissions Insurance, Malpractice Insurance?
Different professions call it different names, but professional liability, errors & omissions, and malpractice insurance cover generally the same type of risks.
- Professional liability insurance is commonly used with architects, accountants, and consultants.
- Errors & omissions insurance is used more in real estate or technology industries.
- Malpractice insurance is used in legal and medical sectors.
The policy is designed to cover employers and the employees against claims of professional negligence, late or undelivered work, or a professional error. If you are sued due to it, your insurance will help cover some of the costs of the lawsuit, up to your policy’s limit.
What are some examples where I would be covered under my Professional Liability, E&O, or Malpractice Insurance?
Errors & Omissions Insurance is valuable when you or your employees can be accused by your clients for negligence. Similar to the example of the real estate agent omitting information from their clients above.
Professional Liability Insurance is useful to architects, accountants, and consultants where project delays may have a serious impact on your client or their work. Much like the example of the accountant not submitting tax returns in time.
Malpractice Insurance is imperative for medical and legal practices that may give a misdiagnosis or false advice that can result in a lawsuit. Such as the example given above.
What are some examples where I would be covered under my Professional Liability, E&O, or Malpractice Insurance?
Professional Liability Insurance:
As an accountant, your clients rely on you to submit their tax return on schedule, if you miss the deadline, that client may sue you to recoup what was lost in IRS fines. Your Professional Liability Insurance can protect you from the costs of the related legal expenses for the missed deadline.
E&O Insurance:
As a real estate agent, if you fail to disclose information that may otherwise discourage a client from buying the property, that client may sue you for professional negligence. Your Errors & Omissions Insurance can help cover the legal expenses associated with the accusation.
Malpractice Insurance:
As a doctor, a misdiagnosis could cause the patient’s condition to worsen. A lawsuit from the misdiagnosis may threaten your practice. With Professional Liability Insurance, your legal expenses such as the settlements and judgements, can be covered.