Professional Liability Insurance in Greenville, SC
Imagine that a client claims that your advice led to their financial losses and demands that you pay for it. Even if you believe you did everything right, resolving a dispute like this takes time and money. Professional liability insurance is written with these and other similar scenarios in mind.
What Does Professional Liability Typically Cover?
Professional liability insurance, often called errors and omissions (E&O) insurance, responds when a client alleges that a professional’s services caused them financial harm. Coverage may include:
Professional mistakes- Inaccurate advice
- Negligence
- Missed deadlines
- Misrepresentation of services
- Oversights
In response to these allegations, a professional liability insurance policy can provide funds to assist with legal costs, including attorney fees, settlements and judgments.
Policies are usually written on a claims-made basis, meaning the policy that was active when a claim is filed, not when the work was performed, responds. This makes continuous coverage important, since a lapse can leave prior work exposed.
When Is Professional Liability Insurance Required?
Licensing boards, professional associations and client contracts frequently require proof of coverage before work can begin. Consultants, accountants, architects, engineers, IT professionals, healthcare providers and attorneys regularly encounter this requirement. Required limits are usually set by the client, licensing body or contract rather than by a single standard. Clients in procurement or government contracting often specify their own requirements in writing.
Insure Your Practice With the Right Coverage
Having coverage in place can let you focus on serving your clients rather than on the cost of a dispute. Contact Quality Insurance to review your coverage options and find a professional liability policy that matches the scope of your work.