Some businesses face unique risks due to the nature of the professional services they provide. An error or mistake made by a professional might end up financially harming a customer or other party, resulting in a claim that a standard General Liability policy wouldn’t cover. A Professional Liability policy, also known as Errors & Omissions, can help cover these unique risks.
Some examples of companies or professionals that should consider a Professional Liability policy include:
- Architects & Engineers
- Software Developers, IT Consultants or other IT Professionals
- Marketing Agencies
- Printing Companies
- And many other professionals
Management Liability policies typically combine several coverages on to one policy. The most common are Directors & Officers Liability, Employment Practices Liability, and Fiduciary Liability.
- Directors & Officers Liability provides coverage for those serving as Directors of Officers of your company and protects them from claims brought about by any alleged mismanagement of the company that result in a financial loss to others.
- Employment Practices Liability provides coverage for the company against claims from employees of discrimination, harassment, wrongful termination or other employment-related claims. Coverage can also be extended to include claims coming from parties other than employees.
- Fiduciary Liability is important coverage for any company that has an employee benefit plan. This provides coverage for claims resulting from any mismanagement or errors in the administration of the company’s employee benefit plan.