Professional Liability Insurance

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What Is Professional Liability Insurance Coverage?

Professional liability insurance, or errors and omissions insurance (E&O) insurance, is essential for businesses providing services. Even with experience, mistakes happen, and clients may sue if they believe those errors caused financial loss or damage.

The Importance of Professional Liability Insurance

Professional liability insurance protects businesses from financial losses due to claims of actual or perceived mistakes. For small business owners, this coverage is essential, offering vital protection in challenging situations. It’s especially important for those who:

Provide expert services

Advise clients

Are contractually obligated to maintain Professional Liability coverage

What Does Professional Liability Insurance Cover?

At Risk Specialty Group, our liability insurance is designed to protect small businesses against claims of:

Negligence

Coverage for claims that your professional services caused damage or injury to a client. For example, if your accounting firm makes an error that results in financial losses for a client, you could be held liable.

Misrepresentation

If a client claims that false or misleading information led them into an agreement that caused them harm. For instance, your real estate firm sells a property to a client, only for them to find out later that the property cannot be used for the intended purpose, leading to a lawsuit.

Inaccurate Advice

Protection if a client claims that your advice caused them harm. For example, if your business fails to deliver a service as promised, and the client suffers a loss, they may take legal action.

Personal Injury

If you’re accused of libel or slander, even if the claims are unfounded. For instance, if a competitor alleges that your advertising damaged their reputation, you could face a lawsuit.

Copyright Infringement

Protection against claims that you used copyrighted material without permission. For example, if your business uses a sound or image in marketing without proper authorization, the copyright owner may sue.

Defence Costs

Professional liability insurance helps cover legal defence costs, such as attorney fees and court expenses if you’re sued for mistakes in the services you provide.

Even if you believe you’ve done nothing wrong, clients can still file lawsuits. With Risk Specialty Group’s liability insurance, you won’t have to shoulder the burden of costly legal defence out of pocket.

Who Needs Professional Liability Insurance?

Professional liability insurance is essential for any business that provides services or advice to clients. This coverage is particularly important if you:

Are required to have coverage by contract
Provide professional services directly to customers
Frequently offer advice or guidance to clients

In some US states, this business insurance may even be legally mandated for certain professions. It's critical to understand if your business falls under these requirements.

Who We Serve

We provide comprehensive business insurance and risk management solutions tailored to meet the unique challenges of any industry. Our expertise ensures your business is protected with strategies designed to mitigate risks and safeguard your success.

Acquiring Coverage

At Risk Specialty Group, we streamline the process of obtaining professional liability quotes, ensuring convenience and accessibility for business owners seeking this protection.

Get Quote

How Does Professional Liability Insurance Function?

Professional liability insurance is typically offered on a claims-made basis, which includes a retroactive date and an extended reporting period.

Retroactive Date

This date specifies that coverage applies to incidents that occur on or after the date outlined in your policy.

Extended Reporting Period

This provision allows you to file claims for a certain period after the policy has ended. This period usually ranges from 30 to 60 days, but you can extend it for a longer period, such as a year or more, by paying an additional premium.

Your policy covers claims made within the policy and extended reporting periods, but the claim must relate to an event that occurred after the retroactive date. Professional liability insurance can help protect your business from:

Damages
Legal defense fees
Disciplinary actions
Lost income due to litigation
Assistance with subpoenas

Occurrence Policy

Some policies operate on an occurrence basis, meaning they provide coverage for incidents that occur during the policy period, regardless of when the claim is filed, even if it is after the policy expires.

Professional Liability Insurance FAQS

What's the Difference Between Professional Liability Insurance and General Liability Insurance?

Professional liability insurance covers claims related to errors, omissions, or negligence in the services or advice you provide. In contrast, general liability insurance protects against physical injuries or property damage that occur during the course of your business operations.

Will Professional Liability Insurance Cover Me if a Lawsuit Is Unfounded?

Yes, even if a lawsuit is baseless, professional liability insurance will help cover your legal defence costs, ensuring that you’re protected from frivolous claims.

Does Professional Liability Insurance Provide Coverage if I Am at Fault?

Yes, suppose you’re found at fault for a mistake or oversight in your professional services. In that case, your professional liability insurance can help cover the damages and legal fees associated with the claim.

Is Errors & Omissions Insurance the Same as Professional Liability Insurance?

Yes, errors & omissions (E&O) insurance is another term for professional liability insurance. Both provide protection against claims arising from mistakes or negligence in the services you offer.

What Information Is Needed to Get a Professional Liability Insurance Quote?

To get a quote, you’ll typically need information about your business, including the type of services you provide, your business size, location, claims history, and any specific coverage requirements.

Is Professional Liability Insurance Worth It?

Yes, professional liability insurance is highly valuable for businesses offering services or advice, protecting you from costly lawsuits that could arise from errors, omissions, or professional negligence.

What Is a Professional Liability Insurance Certificate?

A professional liability insurance certificate is a document that proves you have coverage. It includes key details such as the coverage period, policy limits, and named insureds.

What Doesn't Professional Liability Insurance Cover?

Professional liability insurance doesn’t cover claims related to physical injuries, property damage, intentional wrongdoing, or fraudulent activities. For these types of risks, additional policies may be required.

What Is an (Additional Insured) on a Professional Liability Policy?

An additional insured is an individual or entity that is added to your policy, granting them coverage under your professional liability insurance for claims that may arise from your business operations.

Get more answers to your professional liability insurance questions by contacting Risk Specialty Group today.

Why Choose Risk Specialty Group for Professional Liability Insurance?

At Risk Specialty Group, we’re more than just an insurance agency – we’re your partner in protecting your business from claims of negligence, errors, or omissions. Here’s why businesses trust us for Professional Liability Insurance:

Industry Expertise

We understand the specific risks faced by your profession and provide tailored coverage to protect against claims related to your services.

Comprehensive Coverage

Our insurance covers legal fees, settlements, and damages arising from mistakes or negligence in the services you provide.

Proactive Risk Management

We help you identify potential risks and take steps to minimize exposure to professional liability claims.

Trusted Partnerships

We work with top-rated carriers to provide you with the best coverage options at competitive rates.

Ongoing Support

Our team offers continuous support and regular policy reviews to ensure your coverage keeps up with changes in your business.

At Risk Specialty Group, we’re your trusted partner in managing professional risks. Let us help protect your business with comprehensive Professional Liability Insurance.

What Our Clients Are Saying

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Ready to take the next step? Contact Insurance Firm today and experience the trusted support of Risk Specialty. Whether you need expert guidance or have questions about your professional liability insurance, we’re just a call or click away. Let’s connect and secure your professional future today!

All Business Insurance Solutions

Our comprehensive risk management services safeguard your assets, employees, and profits against unexpected challenges.

Types Of Business Insurance Offered

We offer a full range of business insurance solutions. Each policy is designed to protect your business from specific risks, ensuring comprehensive coverage and peace of mind.

Commercial Automobile Insurance

Covers your business vehicles against accidents, liability, and damage with specialized commercial automobile insurance.

Business Personal Property Insurance

Protect your business equipment, inventory, and furnishings from loss, damage, or theft with comprehensive business personal property insurance.

Cyber Liability Insurance

Defend your business against cyber-attacks and data breaches with robust cyber liability insurance coverage.

Directors and Officers (D&O) Liability Insurance

Safeguard directors and officers from legal claims related to business decisions with directors and officers (D&O) liability insurance.

Employment Practices Liability Insurance

Ensure coverage for claims related to wrongful termination, discrimination, or harassment through employment practices liability insurance.

Environmental Liability Insurance

Secure your business against environmental damage, cleanup costs, and related legal expenses with environmental liability insurance.

Fidelity and Crime Insurance

Protect your business from financial losses due to fraud or theft by employees with fidelity and crime insurance.

Fiduciary Liability Insurance.

Provide coverage for claims arising from the mismanagement of employee benefit plans with fiduciary liability insurance.

General Liability Insurance

Obtain fundamental protection for bodily injury, property damage, and advertising injury claims with general liability insurance.

Inland Marine Insurance

Cover your business assets in transit or stored off-site with inland marine insurance.

Kidnap and Ransom Insurance

Get comprehensive coverage for ransom payments and crisis management for high-risk operations with kidnap and ransom insurance.

Professional Liability Insurance

Protect your business against claims of negligence, errors, or omissions in professional services with professional liability insurance.

Surety Bond Insurance

Guarantee your business meets its contractual obligations with surety bond insurance.

Umbrella Insurance Policy

Extend your coverage beyond standard policy limits for added protection with an umbrella insurance policy.

Workers Compensation Insurance

Cover medical expenses and wages for work-related injuries or illnesses with workers compensation insurance.

Stay Informed with Our Insurance Blog

Risk Specialty Group’s insurance blog offers insights on professional liability coverage and essential business insurance tips. Get the latest updates and expert advice tailored to your needs.

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David Nelson

15:10 01 Apr 19

Risk Specialty Group has handled my micro-company's insurance for almost three years. They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner. Of all my service providers, they are #1 in that department. 6 stars if I could.

Todd McMakin

16:00 04 Dec 18

We have been using the Risk Specialty Group for our company insurance for two years and have been very happy with our rates and with the customer service that we have received. They are always quick to respond to questions and requests. Highly recommended!

Su Young

18:52 04 Dec 18

Risk Specialty's owner is great to work with, excellent knowledge of the marketplace and clients' insurance needs. The staff is thorough, experienced and friendly. Great shop to consider for your insurance needs.

Elizabeth Schlitzberger

15:23 17 Jan 19

Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Parallax Consulting Group

01:30 19 Dec 18

I am currently renewing my coverage for year (2) of my business. Everyone at RSG has been extremely helpful, while also being clear and concise with all my options and/or questions through every step of my growth, risk management and company success. I would highly advise and/or recommend RSG to anyone looking to find a firm you can count on...but most importantly, trust!