December 10, 2017

Professional Liability (E & O) Coverage*

Professional Liability insurance is a form of insurance designed to protect professionals and professional organizations from financial loss from their negligence. Professional liability insurance is made up of many segments, and is also called "errors and omissions", "E&O", or "malpractice" insurance.

 Many different types of professionals hold themselves out to their clients as experts in a particular area. There is always a possibility that any professional's work may fail to meet their clients' expectations, resulting in a professional liability claim or lawsuit. Professional liability insurance is designed to protect the professional from the significant financial loss that can result from a lawsuit. Regardless of fault, litigation is costly, time consuming, and damaging to a reputation.

The exposures presented by professionals vary considerably. For example, the potential for claim and the types of claims are very different for a doctor than for a marketing consultant. And the same holds true for different types of doctors.

Professional liability policies come in a wide range of types and are offered by a wide range of insurers. Often, the best price, coverage and service option may be provided by a smaller specialty insurer rather than a well-known multi-lines insurer. Because of the specialty nature of the business, professional liability insurance is traditionally considered to be part of the specialty lines insurance market. In many cases, coverage is provided in the surplus lines insurance market rather than the admitted market.

Professional liability policies typically provide coverage for the cost of losses associated with situations involving professional liability. These policies also include defense costs -- which can be quite substantial even if liability is not found. Policies typically do not provide coverage for non-financial losses or for intentional or dishonest acts. Professional liability policies are typically written on a claims-made basis.

Since there are many different forms of professional liability insurance it is imperative that your policy be reviewed by you in order to ensure that you have the coverage you expect.

Professionals of all types are being held to higher standards of conduct than in the past, and lawsuits without merit have grown considerably throughout the recent past. They are continually exposed to the possibility of claims being made against them for negligent acts, errors, or omissions in connection with the services they provide.
 
Our team has specialist knowledge of all leading professions with considerable aggregate experience of US, UK and international risks and insurance exposures. We are an access point to the Willis©  global network including our placement distribution. 

In addition to traditional Architects and Engineers E & O, Lawyers Legal Liability, Medical Malpractice, and others, we currently have access to markets for over 3,000 miscellaneous professional liability classes.   For a partial listing of these classes click here. 

We aim to develop thinking and solutions that permit clients to manage their risk efficiently and effectively.

Our intellectual and technical strengths equip us to deal with any risk or insurance related problem that you might encounter. We strive for excellence in the delivery of our services and promise to deliver objective advice backed by sound logic and data where available.

We would be delighted to discuss your insurance needs further in person.

Contact us today for more information about Professional Liability (E&O)

10001 Lake Forest Blvd., Suite 609, New Orleans, LA 70127
 260 Peachtree St. NW, Ste. 2200, Atlanta, GA 30303
8550 United Plaza Dr., Suite 702, Baton Rouge, LA 70809