Professional Liability Insurance
Protecting Business Services
Professional liability insurance serves as a safeguard for professionals against liability claims stemming from the services they render. Since there exists a vast array of professional fields, professional liability coverage takes on many different forms tailored to those varied disciplines. This broad category of insurance aims to shield professionals from the risks and costs associated with liability suits pertaining to the work or counsel they provide within their areas of expertise.
Types of Professional Liability Insurance
Errors and Omissions Insurance
Errors and omissions insurance, also called E&O insurance, provides coverage for professionals who face claims of negligence, mistakes or failure to perform their services as promised. It protects service providers from bearing the full costs of legal defense and settlements/judgments if a client alleges they suffered financial harm due to the professional's errors, omissions or negligent acts in the course of their work.
Directors and Officers Insurance
Directors and officers liability insurance, commonly called D&O insurance, protects the directors and officers of a company from personal financial loss arising from legal claims alleging mismanagement, breaches of fiduciary duty, or other wrongful acts in their capacity as leaders of the organization. D&O policies cover legal defense costs as well as settlements or judgments against insured directors and officers for covered claims.
Medical Malpractice Insurance
Medical malpractice insurance provides coverage for healthcare professionals who are sued for negligence related to their medical services and treatment of patients. It protects doctors, nurses, dentists and other medical providers from bearing the full costs of legal defense and potential damages if a patient files a malpractice claim alleging they suffered injuries or harm due to errors, omissions or negligent acts during their care.
Employment Practices Liability Insurance (EPLI)
Employment Practices Liability Insurance (EPLI) is a specialized type of coverage designed to protect businesses against claims made by employees alleging wrongful employment practices. These claims may include discrimination, harassment, wrongful termination, or other violations of employee rights. EPLI insurance helps businesses mitigate the financial risks associated with such claims, including legal defense costs and potential settlements or judgments.