What Is Professional Liability Insurance, or Errors & Omissions Insurance?
While general liability insurance is primarily focused on property damage or bodily injury, errors and omissions insurance, also called professional liability insurance, protects you if a client claims that your services caused them to suffer a financial loss. Many professional services companies choose to purchase E&O insurance policies, which are typically issued in increments of $1 million and have per-claim deductibles ranging from $1,000 to $25,000. Some insurance companies are reluctant to issue professional liability policies, while others specialize in policies for specific professions. Because we have access to multiple insurance carriers and work with a wide range of small business professionals, we know how to find E&O insurance coverage that is comprehensive and yet fits your small business’s budget. It’s important to note that almost all professional liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed whi
