Actual cost, premium, and coverage are determined at the time of quote or issue and are specific to an individual risk. Every small business owner aims to run their business perfectly, but we know that mistakes can happen when we least expect it. E&O insurance helps protect you and your company if a third party claims that you or your business made a mistake in the professional services provided. Yes, errors and omissions insurance is the same type of coverage as professional liability insurance. Even if you didn’t do anything wrong and believe you’ve made no mistakes, a client can still sue your business. What you pay for professional liability insurance will vary by product, limits chosen and risk class or hazard group of your business.
With professional liability insurance, you’ll be protected from the costly claims resulting from this lawsuit including settlements and legal fees. Professional liability insurance can help cover your defense costs if a client sues you for mistakes in the professional services you provided them. If your business offers professional services and you don’t have professional liability coverage, you can be held liable if a customer believes you made a mistake. General liability and professional liability insurance both protect against common small business liability claims, but they cover different types of lawsuits. You will sometimes see professional liability insurance called errors and omissions insurance (E&O), even though the policies are identical except for the name.
General liability insurance covers physical risks, such as bodily injuries and property damage. If a claim is brought after the policy’s expiration, it can get thunder empire pokie coverage if it’s reported within the extended reporting period. The extended reporting period helps cover claims filed within a certain time after your policy expires. The retroactive date means you’re covered for incidents that happen on or after a specified date in your policy. Many insurance companies write a professional liability insurance policy on a claims-made basis with a retroactive date and extended reporting period. The Hartford makes it easy to get a professional liability insurance quote online.