Professional Liability Insurance Coverage
Regardless of your profession, being in business involves some level of risk. Mistakes made by you, your employees, or independent contractors can trigger legal action related to negligent acts, errors and omissions, and even personal injury. Brunswick Companies empowers you to protect your firm – and the talent within it – by advising you on potential pitfalls, and providing the right-fit professional liability insurance coverage that keeps you fully protected from the high costs of legal defense if claims arise.
Professional Liability Insurance by Industry
Brunswick Companies provides custom professional liability coverage for a variety of industries that include the following:
- Accountants
- Art and Jewelry Appraisers
- Architects, Engineers & Other Building Designers
- Attorneys
- Brokers, Dealers & Agents
- Consultants
- Expert Witness & Other Court-Related Service Providers
- Interior Designers
- Janitorial and Cleaning Services
- Property Management
- Technology Professionals
- Title Agents
When Is Professional Liability Insurance Required?
Professional liability insurance is the only business insurance that financially protects your company from lawsuits over your job performance. Clients may require this coverage in their contracts to make sure they don’t suffer losses due to your work. Other situations that may require you to have professional liability include:
Protecting your investments – lawsuits are expensive and even if you were wrongfully accused, without professional liability insurance, you would be on your own to cover defense costs.
Business opportunities – knowledgeable potential clients and business partners may skip over you if they can’t see that you’re responsible enough to have professional liability insurance.
Industry requirements – your industry may be what requires you to have professional liability or malpractice insurance, but project owners (like the government), tax laws, or association memberships may also require you to have specific coverage.
Potential savings – gaining and dropping coverage is a red flag for insurers that could raise your rates.
Always protected – professional liability insurance operates on a claims-made basis, meaning if you don’t have it when the incident occurs, you aren’t covered.
Professional Liability vs. Errors and Omissions Insurance
Professional liability insurance and errors and omissions insurance are the same thing. Malpractice insurance is too. Why so many names? Because industries have adopted different names for this coverage, and insurers want to make sure they use the names businesses are familiar with.
Malpractice insurance tends to be used for medical and legal professionals. Errors and omissions insurance is often used for accountants, real estate agents, and technology professionals. Professional liability insurance is often used by everyone else. The important thing to remember is that this coverage is for claims related to your professional work or advice.