Just What EXACTLY is Professional Liability Insurance?Congratulations, you’ve started your new business and now we’re off to the races finding your American Dream. Whether you are an engineer, environmental consultant, accountant, attorney, realtor or financial advisor, you’ve probably been told that your first business insurance purchase needs to be Professional Liability. This important coverage, also known as Errors and Omissions or Malpractice Insurance, is in many cases required by law and licensing. The International Risk Management Institute (IRMI) defines Professional Liability Insurance as follows: Professional Liability — a type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services. Read More |
