professional indemnity

WHAT DOES PROFESSIONAL LIABILITY INSURANCE COVER?

Professional liability insurance, also referred to as errors and omissions insurance, provides coverage for legal expenses and damages arising from professional negligence or the failure to fulfill agreed-upon services. This insurance encompasses defense costs, settlements, judgments, and claims related to errors, omissions, negligence, and malpractice. Professionals, including lawyers, accountants, doctors, and consultants, often acquire this insurance to safeguard themselves against potential lawsuits.

We extend our services to Dallas, Plano, Irving, Collin, Denton, Ellis, Hunt, Kaufman, Rockwall counties, and beyond, ensuring comprehensive coverage for professional indemnity.

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HOW DOES PROFESSIONAL LIABILITY INSURANCE PROTECT DIFFERENT PROFESSIONALS?

Professional liability insurance, also known as errors and omissions (E&O) insurance, is designed to protect professionals from potential lawsuits arising from their work. Here’s how it can protect different professionals:
  1. Doctors and healthcare professionals: Professional liability insurance protects doctors and healthcare professionals from malpractice lawsuits, which can arise if a patient suffers harm due to medical errors, misdiagnosis, or other forms of negligence.
  2. Lawyers: Lawyers can face malpractice claims if they fail to provide competent legal services or make errors in their representation of clients. Professional liability insurance can cover legal fees, settlements, and judgments that result from these claims.
  3. Accountants: Accountants can be held liable for errors in financial statements, tax filings, or other financial reports. Professional liability insurance can help protect them from financial losses resulting from these errors.
  4. Architects and engineers: Professional liability insurance can protect architects and engineers from claims that arise from design flaws, construction errors, or other failures related to their work.
  5. IT professionals: IT professionals can face liability for data breaches, network failures, or other cybersecurity incidents that result in financial losses or other damages. Professional liability insurance can help cover legal fees and settlements related to these incidents.
In general, professional liability insurance can protect any professional who provides services or advice to clients. It can provide coverage for legal fees, settlements, and judgments related to claims of professional negligence, errors, or omissions. Without this insurance, professionals could be exposed to significant financial risks and potentially devastating lawsuits.

HOW DOES PROFESSIONAL LIABILITY INSURANCE DIFFER FROM GENERAL LIABILITY INSURANCE?

While general liability insurance covers bodily injury, property damage, and advertising injury claims, professional liability insurance provides coverage for claims arising from errors or omissions in professional services.