This is also known as Errors & Omissions (E&O) Insurance. This coverage comes into play when customers claim that something you did, advised them to do, failed to do correctly, made, or failed to make correctly in your professional capacity caused them harm in some way. Professional liability insurance can cover the legal costs involved with claims against a company on such matters. In the construction industry, professional liability is a must for contractor that provides advise or professional services, such as a construction management firm.
Why do I need Professional Liability Insurance?
Professional Liability - Errors & Omissions Insurance - coverage is not provided by a Commercial General Liability policy. Commercial General Liability does not provide coverage for errors, contract performance disputes or any other Professional Liability issues.
Why obtain Professional Liability coverage from Skyles Insurance Agency?
Virtually all professional liability insurance policies are issued on a claims-made basis. That means that coverage is only provided for work that is done during the policy period and for claims that are filed (made) during the policy period. In effect, if an E&O insurance policy is cancelled, and no provision is made for an extended reporting period, then all coverage stops and it is as if you never had a policy. We will make sure to analyze the professional risks that are most threatening to your business and seek insurance that covers those risks.
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