Errors & Omissions

ACORD Forms and Insurance Applications

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Overview

Some businesses involve services such as giving advice, making recommendations, designing things, providing physical care or representing the needs of others, which can lead to being sued by customers, clients or patients claiming that the business's failure to perform a job properly has injured them. Errors and omissions or professional liability insurance covers these situations. The policy will pay any judgment for which the insured is legally liable, up to the policy limit. It also provides legal defense costs, even when there has been no wrongdoing.

Classes Many professionals need this coverage.  Speak to your Account Manager if you have a question concerning a client's exposure to a professional liability loss.
What is Required / Forms Ask your Account Manager for the company forms
Direction for Submissions Submissions should include applications, five years of loss history financials & any supplemental applications a company may require
Insurance Company Rating All Carriers are “A” Rated
Territory  
Coverage Professional liability insurance protects companies and individuals against claims made by clients for inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified on the insurance contract.
Read more.
Deductibles Staring at $1,000
Marketing Material Ask your Account Manager
Premium Financing Yes
Notes
ACORD Forms and Insurance Applications

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