Professional liability insurance, also called errors and omissions (E&O), protects businesses that give advice or professional services if a client says a mistake cost them money. It pays defense costs and covered settlements. General liability does not cover these claims, so consultants, real estate pros and many service firms in Florida carry both.
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What does professional liability cover?
It responds to claims of negligence, errors, omissions or failing to deliver promised services. Even when a claim has no merit, legal defense can be expensive, and E&O helps pay for it.
Coverage is usually written on a claims-made basis, so the timing of the claim and your policy dates matter.
Who needs E&O insurance?
Consultants, accountants, real estate agents, IT firms, engineers, architects, marketing agencies and many other professionals benefit from E&O.
Some clients and contracts require proof of professional liability before they will hire you.
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How is E&O different from general liability?
General liability covers bodily injury and property damage, like a client slipping in your office. Professional liability covers financial loss caused by your work.
Most service businesses need both to be fully protected.
Frequently Asked Questions
What does claims-made mean?
The policy covers claims made while it is active, for work done after the retroactive date. Keep coverage continuous.
How much does E&O cost?
It depends on your profession, revenue, claims history and limits. A broker can compare quotes.
Does E&O cover lawsuits that have no merit?
Yes. Defense costs for covered claims are typically included, even if the claim is groundless.
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Request a quote online or call our Sunrise office. Insurance Risk Advisors has served South Florida for more than 35 years.
