| Prompt Insurance Agency, LLC |
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| Questions? Call (949) 351-8767 |
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The most well known professional liability insurance is medical malpractice insurance. However, medical malpractice has become so specialized that it falls into a category all by itself. Most Professional Liability insurance provides protection for claims against the policyholder as a result of errors or omissions in their professional work. Also known as Errors and Omissions insurance, this type of professional liability insurance may be critical to your business if you are a Professional or offer relatively personalized service that has a significant level of importance to your business. E&O insurance protects you from claims of professional liability in the delivery of your technical and/or specialized services. Although the general theme of professional liability insurance is the same - bluntly stated - damage claims resulting from alleged incompetence or errors in the application of your specialized services to your client - the fact is that there are almost as many types of professional liability polices are there are professions. We have seen Policy Line Cards that cover everything from "Athletic Trainer" to "X-Ray Machine Operator" and every imaginable profession in-between. Something that one needs to keep in mind when buying an Errors and Omissions policy or a Professional Liability policy is the term of coverage. If you are sued for an alleged malpractice that occurred prior to the start date of your policy, some professional liability policies will not cover you. However, some insurance companies offer a "Tail" that extends your coverage for a defined period of time into the past. Although more expensive - this is the case only for a finite number of years. Also, "Tails" premiums may decrease with time because the actuarial experience is such that the likelihood of legal action decreases as time between the service and the present increases. In a society as litigious as the present, if your livelihood depends upon the successful rendering of professional services - allow one of the Prompt Insurance Agency professionals to assist you in carefully determining the boundaries of your exposure so we can place you with an appropriate type and amount of insurance coverage. |
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