Professional Liability Insurance (E&O)

What is Professional Liability Insurance?

Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, is designed to protect businesses and professionals against claims of negligence, mistakes, or failure to deliver services as promised.

Whether you provide consulting, legal, medical, or other professional services, this insurance helps cover legal defense costs and any settlements or judgments that result from errors or omissions in your work.

Professional service businesses face unique risks in industries like real estate, healthcare, and legal services to name a few, having Professional Liability Insurance is essential for mitigating these risks.

What Does Professional Liability Insurance Cover?

• Negligence: If you or your employees make an error, omission, or mistake while providing professional services, this insurance covers the resulting legal fees, defense costs, and potential settlement or judgment.

• Breach of Contract: If your business fails to fulfill its contractual obligations, Professional Liability Insurance can help protect you against claims of breach of contract or failure to perform as expected.

• Inaccurate Advice or Counseling: If your professional advice or recommendations cause harm or financial loss to a client, this coverage helps cover legal expenses.

• Defamation: If you are accused of making false statements or damaging the reputation of a client or competitor, Professional Liability Insurance can help cover the defense costs.

• Intellectual Property Issues: This can include claims of copyright infringement or misuse of intellectual property that results from your professional services.

Why Does My Business Need Professional Liability Insurance?

In Florida, where the business environment is diverse and competitive, having Professional Liability Insurance can safeguard your company and career.

• Protect Against Lawsuits: Clients and customers can sue businesses for mistakes or omissions in the services provided. Without Professional Liability Insurance, you could be left with hefty legal fees and costly settlements. This insurance ensures that you’re protected from claims that could severely impact your finances.

• Industry-Specific Risks: Industries such as real estate, healthcare, law, and finance, each have unique liability exposures. Professional Liability Insurance offers tailored coverage to meet the specific risks of your industry.

• Reputation Management: Accusations of negligence or mistakes can damage your business’s reputation. Having insurance can help you resolve claims swiftly, minimizing the damage to your professional image.

• Client Confidence: Many clients expect businesses, especially those offering professional services, to carry Professional Liability Insurance. Having this coverage in place enhances your credibility and helps attract more clients.