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Do You Need Professional Liability Insurance?

Do You Need Professional Liability Insurance?
If you provide advice and services in exchange for a fee, and depending on your profession, you may require errors and omissions insurance. Everyone makes mistakes, and although as a professional, you would not do so intentionally, Errors and Omissions Insurance covers you in the event a client sues and wins a judgment against you for such an action.

Professional Liability Insurance may not be required by law for all professions, but it provides peace of mind to protect yourself and your business.

Many business professionals ask if there is a difference between General Liability Insurance and Errors and Omissions Insurance (also known as E&O Insurance).

Yes, there is a difference, as the two policy types cover different risk exposures and scopes of protection. Commercial General Liability Insurance Policy (also known as CGL Insurance), is generalized liability coverage for lawsuits, as a result of third-party property damage or bodily injury.

Errors and Omissions Insurance covers a professional for lawsuits and financial losses someone experienced because of your work. This would include lawsuits alleging misconduct, neglect, or failure to deliver services or advice as promised.

An Errors and Omissions (E&O) policy won't protect you if a client injures themselves on your property and then sues you to recoup medical expenses. Likewise, you can’t rely on a Commercial General Liability policy to cover you if you are sued for a failure to uphold a professional standard such as negligence or bad advice.

A comprehensive package would include both. Here’s what a few of our clients have said about obtaining E&O insurance with EasyInsure. 

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