When insuring your company it’s important to know you have appropriate liability coverage for yourself and your employees. However, knowing which plan to choose can be tricky. Comparing professional liability vs errors and omissions insurance may have left you with a few questions. Here is some of the information you may need to know.
Professional liability policies can vary depending on the individual covered by the policy and the type of work they perform. For example an accountant’s professional liability policy may require different coverage than that of a home healthcare provider. These policies usually offer coverage for areas that general liability does not.
Errors and omissions policies provide coverage to a company in the event a client makes a claim of faulty or negligent service, or otherwise claims that something the company did affected them negatively. These policies can cover all business representatives as well as the company and typically includes coverage for design flaws, negligence, malpractice, and financial damage to the client.
When looking at professional liability vs errors and omissions insurance consider which coverage options you need and who the coverage is for. Liability plans can be written for a specific profession, whereas errors and omissions policies protect the company and the services they offer. If you have further questions, your insurance agent may be able to help.