Description
PROFESSIONAL INDEMNITY INSURANCE
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors&omissions (E&O), is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
We can help you identify your specific exposures and structure a cost-effective, customized insurance program solution, which includes the appropriate type and limits of E&O insurance.
WHO NEEDS E&O INSURANCE?
The best-known professionals who need E&O insurance are doctors, lawyers, accountants, architects, engineers, etc. if you are in the business of providing service to your client for a fee, you have an E&O exposure.
WHEN SHOULD YOU BUY E&O INSURANCE?
The best time to buy an E&O policy is before the risk is taken. Many contracts with clients will require insurance to be in place.
WHERE DO YOU FIND E&O COVERAGE?
There are no standard policy wordings for E&O coverage. Most policies are written on claims made or claims made and reported form. This means that any claims must be made or in some cases made and reported within the policy period.
