Professional Liability Insurance
Attorneys, accountants, technology consultants, and other professionals face various liability risks as a result of alleged errors or omissions in the services they provide. These risks vary according to the professional’s work and can land a business in court defending the integrity of the services provided. Not only is this costly, but a lawsuit can also lead to a loss of confidence and cause reputational harm to the firm and its employees – even if the allegation is false. That’s why it’s so important to have Professional Liability insurance as an essential component of any professional’s insurance program.
Baldon Group provides Professional Liability (Errors & Omissions) insurance to protect businesses against allegations of negligence or harm in the course of providing professional services or advice. Allegations can range from misrepresentation and conflicts of interest to breach of contract or unethical business practices.
What Does Professional Liability Insurance Cover?
Professional Liability insurance protects you against mistakes or wrongful acts committed while providing a professional service to your clients. It covers the costs of defense, judgments, settlements, and fines or penalties. Most Professional Liability policies only cover economic or financial losses suffered by third parties, rather than bodily injury and property damage claims, which are typically covered by Commercial General Liability (CGL) policies. It should be noted that the CGL policy does not cover financial losses caused by a professional error.
A Professional Liability policy can also be enhanced with various endorsements, such as an Extended Reporting Period (ERP) Endorsement, which allows you to report claims after the policy expires. A non-practicing Extended Reporting form is also available to cover claims up to a certain time after an individual has left a firm – for example, this is ideal for attorneys who have retired or ceased practicing law.
The Professionals We Cover
Our staff will tailor coverage to your specific needs based on the industry sector and the scope and extent of the services you provide. We cover a variety of professions, including but not limited to:
- Accountants
- Attorneys
- Technology Companies
- Design-Build Contractors
- Consultants
- Architects, and Engineers
- Real Estate Companies
We offer competitively priced policies that address your industry, size, loss history, and specific business practices because of our experience and access to leading Professional Liability insurance companies.