Professional Liability. Also called E&O, provides protection when you are held legally liable for how you rendered or failed to render professional services.

Overview

Professional liability insurance protects against claims arising from your acts, errors or omissions in rendering services of a professional nature. Businesses involved in everything from advertising to engineering need to consider this coverage seriously. In fact, users of services such as those provided by lawyers and accountants often require that the insurance be in place before contracting with the professional.

Types of Suits

Of the suits that can be brought against professionals, the two most common are breach of contract and negligence in the performance of services.  Negligence suits, which are more frequently made, arise from damages sustained due to a professional's failure to perform according to known standards of conduct in his or her field. 

Financial consequences of such suits, including the costs to defend them, may be severe. It is critical that professionals recognize their exposures to financial losses, and adopt a risk policy to deal with these exposures.

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