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Clients put their personal, business and financial faith in your professional hands. If something should go wrong through error or omission, they could file a professional liability against you. That’s where a Professional Liability insurance policy from Goodrich & Watson comes in. Consultants, technology firms, doctors, lawyers, accountants, and architects and engineers are just some of the professionals who will benefit from this insurance.
Depending on the profession you’re in, there are specific reasons for allegations of professional liability wrongdoing. In general, these lawsuits have the following claims in common:
A Professional Liability insurance policy insures the work you perform in the event of an error or negligence during the course of your professional services. This policy can cover all levels of employees who provide “professional” services, which have been defined by courts as those actions requiring special training or higher educational degrees or certifications.
Policies can insure individual professionals and professional firms, and they can cover innocent partners as well. Some insurers will cover actions by predecessor firms as well as independent contractors working on behalf of your firm and lawyers who are of counsel.
As the General Liability policy typically excludes professional services, your firm would be exposed to significant risk without this coverage. Also known as legal liability insurance or errors and omissions insurance, professional liability policies cover costs for legal fees, damage awards, and settlements.
If you want to protect the amount of money available for paying damages, we can secure a policy to pay defense costs outside of liability limits. It’s also possible to obtain coverage that pays legal expenses from the first dollar charged. Additionally, if you want to insure against claims arising out of work done before the policy inception, we can provide prior acts coverage. For professionals who are about to retire, there are policies that can accommodate this as well. We also offer policies with extended reporting periods that allow for coverage for a set period after your policy term expires.
We look forward to speaking with you about professional liability insurance. Please give us a call at 757-591-2032 to find out how we can help protect you today and into the future.