Broker Focus: Professional Liability

We caught up with Michael Loeters from PROLINK again, this time to ask for his insight into Professional Liability coverage:

"What Is Professional Liability Insurance?"

Michael Loeters (PROLINK): "Professional Liability insurance is a policy that protects you as a professional from an allegation from a client that you were negligent in the services or advice that you provided to them, or that you made an error or an omission in the advice or services that you provided to them."

"Who Needs Professional Liability Insurance?"

ML: "It's one of those coverages that pretty much every professional needs. The unique thing about Professional Liability, or Errors and Omissions as it's also commonly referred to, is that it's highly customizable to the type of profession that you're in. So whether you're a lawyer, a doctor, an engineer, etc...they all have different risks and thus the policy needs to be somewhat customized to that particular risk."

"What Does Professional Liability Insurance Cover?"

ML: "Professional Liability is one of those highly customizable products. We use this generic term 'Professional Liability' or 'Errors and Omissions' but again that coverage is very customized to the type of professional that you are. Whether you are an accountant, or a lawyer, or an engineer, or a technology company, or a management consultant...there are unique risks that go along with each and every one of those professions, so that product becomes very much customized to that particular profession. So the broker really needs to: a) understand the profession that they're insuring; and b) they need to understand that type of policy so that they know, again, what coverage add-ins they should be asking for and what exclusions in that policy may not be normal in the marketplace for that particular type of professional."

You can browse our current range of Professional Liability products here.