Professional Liability Insurance
(PLI):
Professional liability
insurance is also referred to as errors and omissions (E&O) and
professional indemnity insurance is a type of liability insurance
that provides professional liability coverage for professionals in a
wide
range of professional fields.
Professional liability
was specifically designed for professional to protect themselves against
damages and suite arising out
of their professional services which includes advice.
Since the commercial general liability
policy does not provide coverage for professional liability
exposure, hence procuring professional liability insurance
is necessary for any
individual or company providing professional services. Obtaining
a general liability policy is also essentials to cover
the liability exposures that
are not covered by a professional liability policy.
Depending upon the
type of profession, professional liability insurance comes in different
names and forms. Errors and
omissions refers to the insurance agents and attorneys
professional liability
policies
and malpractice insurance is referred to policies used by
medical professions.
Professional liability
policies are written on claims-made basis. Policy responds only when
the claims are made during
the policy period
or extended reporting period subject to actual loss to
have occurred not prior to retroactive policy date.
Purchasing professional
liability insurance from an insurance agent who specializes in professional
liability is of
paramount importance.
We at Safepro Insurance
Services have access to nation’s highest
rated professional liability insurance carriers. Due
to our extensive background in the field of professional liability insurance;
it’s
to your advantage to use our insurance agency to obtain
your errors and omission, malpractice and any type of professional indemnity
insurance.
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