Finding the right professional liability insurance policy begins with finding the right commercial insurance agent. You need an experience agent who specializes in errors and omissions insurance to review your liability risk. Your professional liability agent should be familiar with and knowledgeable about liabilities for the industry your business operates in. Errors and omissions insurance policies are highly customized, so having this type of knowledge and expertise in your insurance agent is critical.
Work together with you agent to consider key factors regarding the appropriate professional liability insurance policy for your business. Begin by considering the professional services that your business provides. These should be specifically covered in your errors and omissions policy, which should spell out each service individually and with detail.
Next you need to carefully consider the professionals that are carrying out services for your company. As any company, you will have a myriad of professionals that are used to carry out your business obligations. Common examples are part time and full time employees, subcontracted individuals, or subcontracted committees or groups. Some policies will not cover dealings or services that are provided outside of your corporate entity. Other policies will cover independent contractor services, but not the professional(s) performing these services. A professional liability insurance policy that excludes such service providers leaves significant gaps in coverage and opens up your business to unacceptable risk.