PROFESSIONAL INDEMNITY INSURANCE
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors&omissions (E&O), is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
We can help you identify your specific exposures and structure at cost-effective, customized insurance program solution, which includes the appropriate type and limits of E&O insurance.
WHO NEEDS E&O INSURANCE ?
The best-known professionals who need E&O insurance are doctors, lawyers, accountants, architects, engineers etc. if you are in the business of providing service to your client for a fee, you have an E&O exposure.
WHEN SHOULD YOU BUY E&O INSURANCE ?
The best time to buy an E&O policy is before the risk is taken. Many contracts with clients will require insurance to be in place.
WHERE DO YOU FIND E&O COVERAGE ?
There are no standard policy wordings for E&O coverage. Most polices are written on a claims made or claims made and reported form. This means that any claims must be made or in some cases made and reported within the policy period.