Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance policies are used to protect professionals against claims involving the performance of their services. It's often called "Errors & Omissions Insurance" or "Malpractice Insurance" but the basic protection is the same, to protect from suits aledging negligence in providing the professional service that should have been provided. Some professionals that need "professional liability" protection are Accountants, Lawyers, Doctors, Hospitals, Nursing Homes, Insurance Agents, Adjusters and Companies, Architects & Engineers, Publishers, Bankers, Real Estate Brokers, Registered Investment Advisors, Environmental Consultants, Oil & Gas Industry Consultants, Travel Agents, Media Professionals, Police and Public Officials and any business' Directors & Officers.

Directors & Officers of all businesses, both public and private companies, and even Non-Profit entities need D&O protection. Directors and Officers of corporations are fiduciaries that are responsible for the proper discharge of their responsibilities of managing the business' affairs. It is Errors and Omissions for the management of a corporation. D&O coverage also covers an organization's obligation to indemnify its Directors and Officers for claims made against them.

Importantly Directors and Officers have personal liability for their actions. Liability claims often are brought against both the entity and the individual officers and directors.