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Professional Liability Insurance

Does your business provide professional services or advice to other businesses or individuals?

Could your products or service lead to losses for which you could be held responsible? If so, you’ll likely want to purchase professional liability insurance, also known as errors and omissions insurance (E&O). At Mosaic insurance in Prescott, we can help your find a policy that is right for you!

What Types of Businesses Need Professional Liability Insurance?

In some states, professional liability insurance is required, especially for attorneys and doctors. Legal and medical malpractice insurance policies are special types of professional liability insurance. Other professionals that should consider professional liability insurance include:

  • Accountants
  • Architects
  • Engineers
  • Graphic designers
  • Information technology (IT) consultants
  • Insurance professionals
  • Management consultants
  • Real estate agents and brokers
  • Software developers

This list is not complete. Consult with an insurance professional or inquire with your profession’s trade association to determine if you might need professional liability coverage.

What is… and what is not covered?

There are two types of professional liability polices: claims-made and occurrence. Most professional liability insurance policies are “claims-made,” meaning that the policy must be in effect both when the event took place and when a lawsuit is filed for a claim to be paid. If you change careers or retire, you may want to purchase an “occurrence” policy that will cover any claim for an event that took place during the period of coverage—even if the suit is filed after the policy lapses.

Professional liability insurance will pay the cost of legal defense against claims and payment of judgments against you, up to the limit of the policy. In general, coverage does not extend to non-financial losses or losses caused by intentional or dishonest acts. Other fees, such as licensing board penalties, may also be included. Policies will generally have a deductible ranging from $1,000 to $25,000. How much a policy will cost depends upon the size of your business and the level of risk it poses.

You may be able to include professional liability coverage in a Commercial Package Policy.

At Mosaic Insurance, we can find the best professional liability insurance policy that will fit your needs and budget. With over 30 years of experience, let Mosaic take care of all your insurance needs. Contact us at 928-458-7374.

Need a commercial insurance quote? Get it today!

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