All Posts tagged insurance company professional liability

Professional Liability and E&O Insurance: What is the Difference?

Professional Liability and E&O Insurance: What is the Difference?

If you are a business owner and want to protect your company from possible legal action, you know you have to back the business with the right insurance policy. But what type of policy? Professional liability or errors and omissions insurance? Which is better? And are they the same? For an insurance company, professional liability and E&O insurance questions are easy to answer.

What are the differences? There aren’t many, but they do exist, and they can be significant. Here are a few ways the two products are different.

Differences and Similarities

Today, professional liability and E&O insurance are nearly synonymous, but that was not always the case. Years ago, professionals, like lawyers and doctors, would purchase professional liability insurance, which would protect them from malpractice. A similar product was available to smaller businesses, sometimes called semi-professional occupations, termed errors and omissions insurance.

There are technical differences between the two. Professional liability insurance provides a larger umbrella of protection than an errors and omission policy, which is intended to be slightly more specific in nature. You will discover various insurance products under that professional liability umbrella. E&O insurance is more focused on protecting professionals from what they did and didn’t do.

Ask your insurance company the right questions. Professional liability or errors and omissions insurance? They will help determine which is right for you.

 

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Finding the Right Professional Liability Coverage

Finding the Right Professional Liability Coverage

Every business owner knows that the right insurance policy is absolutely essential for your company. Those who provide insurance themselves probably understand this better than anyone. When it comes to insurance company professional liability coverage, your agency needs to have protection against an assortment of potential claims. You know how coverage works, so don’t take chances by agreeing to a policy that leaves your company open to avoidable liability issues. There is an appropriate plan that will work for your company and cover your specific policies, you just have to make sure you find the right insurer and ask the right questions.

The policy that works best for you will depend not only on the size of your business, but also the companies for which you provide. Insurance company professional liability is a specific type of coverage that should be adjusted for each policyholder. If you insure small businesses, your liability coverage might be different from another agency that works primarily with large firms. In either case, you need liability insurance that caters to the actual services you provide.

When it comes to professional liability, there isn’t an umbrella policy that works for every company. To make sure your agency gets the right type of coverage, find a provider that understands your industry and how your company operates.

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