Professional Liability Insurance

Many professionals rely on professional liability insurance to protect their finances in case they make mistakes or face negligence claims in their work. For example, doctors may face allegations of malpractice or misdiagnoses, lawyers might be sued for breach of confidentiality, or financial advisors may be sued for errors in financial reports. Without professional liability insurance, you may face financial challenges that could jeopardize your practice, potentially leading to loss of clients and business opportunities.

What Is Professional Liability Insurance?

Professional liability insurance, also known as errors and omissions (E&O) insurance, may help businesses and individuals prevent financial losses from lawsuits and claims made by clients or third parties. It may cover professionals against claims of negligence, errors or omissions in the services they provide.

Who Needs Professional Liability Insurance?

Professionals across various industries may benefit from this type of insurance. Some key groups that should consider obtaining professional liability insurance include the following:

• Accountants

• Consultants

• Architects and engineers

• Doctors, nurses and other healthcare workers

• Lawyers and other legal professionals  

• IT professionals, technology consultants

• Real estate agents and other service providers  

What Does This Policy Cover?

Professional liability insurance may cover you and your business in various scenarios. The following are some standard coverages included in this policy:

• Errors and omissions

• Libel and slander

• Legal defense costs, including attorney fees and court costs

• Professional negligence or failure to perform professional duties

• Settlements or judgments awarded to the claimant

Explore Your Options

Contact St. Andrews Insurance Agency today to discuss your coverage needs and find your ideal policy. Contact us today to get started.