Professional insurance covers indemnification or liability. It is also known as errors and omissions (E&O) in the United States. It is a type of liability that protects professional advice- and service-providing individuals and companies from bearing the total cost of defending against a client’s negligence claim and damages awarded in such a civil lawsuit. The coverage focuses on the policyholder’s claimed failure to perform, the financial damage caused by, and the mistake or omission in the service or product sold.
Professional liability insurance may take several shapes and titles depending on the occupation. Malpractice insurance, for example, is used by medical professionals, but errors and omissions (E&O) insurance is utilized by insurance agents, consultants, brokers, and attorneys. Accounting, engineering and financial services, building and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), transportation are other professions that frequently obtain professional liability insurance. Some charities and nonprofits/NGOs are also covered by professional liability insurance. Our responsibility in this situation is to:
- Provide Professional and Technical Advice
- Market and obtain a broad range of comprehensively priced business insurance products from a range of Insurance Companies
- Provide Claims Assistance and Direction, which includes ongoing support and handling.
- Annually review and market the insurance cover.