Also known as Errors and Omissions (E&O), professional liability insurance is designed to help safeguard businesses from claims of financial harm due to alleged negligence in the delivery of professional services.
These claims typically involve situations where a client believes they experienced a loss, such as lost revenue or additional expenses, because of how services were performed or advice was given.
Unlike general liability insurance, which can cover bodily injury or property damage, professional liability insurance focuses on the unique risks faced by individuals and firms offering specialized knowledge or services.
Who Needs Professional Liability Insurance?
This type of coverage is relevant across a wide range of professions, including but not limited to:
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Attorneys
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Accountants
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Physicians and other medical professionals
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Real estate agents
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Technology service providers
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Consultants
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Engineers and architects
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Certain manufacturing operations
Professional Liability Insurance Costs
Pricing varies based on several factors, such as:
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The nature of your profession
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Geographic location
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Coverage limits selected
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Number of employees
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Length of time in business
Professional Liability Coverage
Professional liability insurance generally addresses claims involving financial loss due to service-related issues, whether something was done incorrectly or something was unintentionally overlooked.
There are several types of professional liability policies tailored to different fields:
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Errors & Omissions (E&O): Typically used by professionals in consulting, technology, and financial services.
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Malpractice Insurance: Commonly associated with medical or legal professionals.
Regardless of your field, it’s a good idea to review your coverage and any exclusions each time your policy comes up for renewal to ensure it still aligns with your current operations.
Why Work With Mason-McBride?
With more than a century of experience helping businesses navigate risk, Mason-McBride offers access to a wide range of insurance solutions. We work with a broad network of carriers to provide options that support your business goals.
As an independent agency, we are not tied to a single insurer. That means we can offer guidance on policies from multiple providers, helping you make informed decisions about your coverage.
Ready to Get Started?
If you’re interested, start a quote online or email us at info@mason-mcbride.com