Professional Liability Insurance also referred to as Errors & Omissions Insurance protects business owners from claims brought by clients or customers based on an error, the failure of work performed, or a product not performing as promised in a contract. Losses of this type are not covered under a Commercial General Liability policy, and there is a perception that there is always a “deep pocket!” Very few companies are immune to the legal expense associated with a legitimate or even frivolous suit for the allegations of an error or omission. Professional Liability is a critical protection for privately owned companies who provide professional services. Examples of professionals commonly covered include:
- Attorneys Designers
- Doctors Consultants
- Accountants Printers
- Architects Engineers
How DSP Can Help
- Risk Analysis – annually to evaluate:
- Professional exposures
- Operational changes
- Events that could create potential claims
- Market Evaluation of contracted carriers and specialty markets capable of handling the required exposures, coverages, territories and policy forms.
- Risk Management Plan development to tailor coverages and forms to meet client needs.
- Safety Initiatives provided by our in-house safety engineer to identify and mitigate exposures to employees or the public.
- Contract Review insurance companies often will review contracts and make changes where appropriate.
- Claims Management specialists assist with reporting and managing all claims.
- Renewal Risk Analysis 90 to 120 days prior to renewal we meet with clients to begin a new risk analysis